Tesla’s Musk sells 639,737 more shares after Twitter poll

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FILE PHOTO: SpaceX founder and Tesla CEO Elon Musk watches as he visits the Tesla gigafactory construction site in Gruenheide, near Berlin, Germany on May 17, 2021. REUTERS / Michele Tantussi / File Photo

Tesla Inc chief executive Elon Musk revealed a sale of an additional 639,737 shares in the electric car maker, regulatory documents showed on Friday after he dumped shares worth about $ 5 billion following a poll of his Twitter followers.

Musk sold 587,638 shares held by his trust on November 11 in multiple transactions at prices ranging from $ 1,056.03 to $ 1,087.88, according to one of the documents.

A second filing showed that Musk sold an additional 52,099 shares held by his trust at prices ranging from 1,088.01 to $ 1,104.15.

Musk, the richest person in the world and Tesla’s largest shareholder, tweeted last weekend that he would sell 10% of his stock if users of the social media platform approved the move. Days later, Musk disposed of $ 5 billion in shares, or 3% of his total holdings, the first such move since 2016.

In the first round of the stock sale, the documents showed that Musk Trust sold nearly 3.6 million shares of Tesla, worth about $ 4 billion, while also selling an additional 934,000 shares for $ 1.1. billion to cover tax obligations after exercising options to acquire nearly 2.2 million shares. .

Prior to the sales, Musk owned approximately 23% of Tesla’s equity, including stock options.

Musk had previously stated that he would have to exercise a large number of stock options over the next three months, which would have created a large tax burden. The sale of some of its shares could free up funds to pay taxes.

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