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Elon Musk sells another $690 million of Tesla stock after dumping $5 billion following Twitter poll

Business
Tesla CEO Elon Musk
Elon Musk has sold around $5.7 billion of Tesla stock this week.

  • Elon Musk sold $690 million more Tesla stock on Thursday, according to filings released Friday.
  • It comes after he asked Twitter whether he should sell 10% of his stake in the $1 trillion company.
  • Musk sold around $5 billion of stock earlier in the week, in part to pay taxes on equity options.

Elon Musk has sold another $690 million of Tesla stock, filings showed on Friday, days after asking his Twitter followers whether he should sell 10% of his holding in the electric carmaker.

Earlier in the week, filings showed Musk had sold around $5 billion of Tesla stock, in part to pay taxes on equity options.

On Friday, SEC filings showed that Musk had offloaded around 640,000 shares at prices ranging from $1,056 to $1,104 on Thursday. The shares in his trust fell from 168.1 million to below 167.5 million.

The sales came just under a week after Musk posted a Twitter poll asking whether he should sell 10% of his Tesla stock. Almost 58% of respondents said he should.

Musk tweeted: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?”

He added: “I will abide by the results of this poll, whichever way it goes.”

Tesla stock has fallen from above $1,220 at the start of the week to a closing price of $1,063.51 on Thursday. The company was up 0.54% to $1,069.20 in premarket trading.

Read the original article on Business Insider
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