Tesla’s (TSLA.O) CEO Elon Musk sold $687 million worth of shares in an electric car company on Thursday, increasing stock sales by $5 billion earlier this week. Regulatory documents Show on Friday.
According to the document, Musk sold 639,737 shares in multiple transactions, valued at between US$1,056.03 and US$1,104.15 per share.
As of 2:53 in the afternoon, Tesla’s stock price was reported at US$1,023.20, down 3.79%, or US$40.31.
Before the first sale, Musk asked his nearly 65 million Twitter followers if he should sell 10% of Tesla’s stock. Of those who responded, 58% supported the decision. Although Musk followed the results, he may need to sell about 12 million or more additional shares to keep his promise on Twitter. “The Wall Street Journal” pointed out.
at the same time, CNBC report Part of the sale of shares is also partly to fulfill the tax obligations associated with the exercise of stock options.
Musk, who is World ‘s richest man, Still holds more than 167 million Tesla shares.
This stock sale marks the first time Musk has realised shares of this size since the company was founded in 2003. Reuters pointed out.
Although Tesla’s share price has fallen by about 13% as of Thursday, the automaker is still the most valuable automaker in the United States. The company has a market value of more than $1 trillion and its share price is still close to historical highs.
