Elon Musk continued to sell shares of Tesla this week after following the results of a Twitter poll and pledging to sell 10% of his stake, and although the world’s richest man has sold a sizable stake, he’s still holding his own. far from fulfilling the promise.
In two regulatory filings released Friday morning, Moscow reveal The sale of another 639,737 Tesla shares on Thursday for a combined income of about $687.3 million before taxes.
The 50-year-old previously sold nearly $5 billion worth of stock between Monday and Wednesday, meaning his total sales this week have gone up to about $5.7 billion, although he has little out of pocket as a result of taxes.
The ongoing sale comes after Musk on Saturday Asked Twitter users asked whether they should sell 10% of their Tesla stake in response to a short-term legislative proposal that would help tax evasion help billionaires avoid taxes on unrealized stock gains.
Users voted overwhelmingly to make the sale to Musk, but so far the transaction has represented less than 4% of his stake; He still holds about 167 million shares, which means he’s far from the target set.
It is still unclear whether Musk, who did not immediately respond Businesshala’ Requested for comment, the stock would continue to sell, but in a Thursday note, Wedbush analyst Dan Ives said a 10% sell-off seemed “all in motion.”
Ives said the transaction should begin to remove an overhang from stock prices as Musk pushes to meet the $10 billion-plus tax bill from stock options coming next year, but he expects Musk to sell The volatility will continue until it is complete.