Musk sells more Tesla shares and stock falls further

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Tesla CEO Elon Musk has sold another chunk of his stock after pledging his 10% stake in the electric carmaker on Twitter

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Musk sold about 640,000 shares for about $687.3 million, according to two filings Friday with the US Securities and Exchange Commission. So far this week, the eccentric CEO has sold nearly 5.1 million shares worth about $5.69 billion.

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About $1.1 billion of proceeds from the sale made on Thursday will go toward paying tax obligations for stock options granted to Musk in September. The options are part of a compensation package Musk and Tesla agreed to in 2018, which provided CEOs with options if Tesla hits certain financial targets. The company is now profitable and is worth over $1 trillion.

Musk’s sales so far account for just over 3% of his stake in Tesla. He still holds about 167.5 million shares, or just under 17% of the company, according to SEC filings and data provider FactSet.

Last weekend, Musk said he would sell his 10% stake in the company based on the results of a survey conducted on Twitter. The sales tweets prompted huge selling in the stock on Monday and Tuesday. Shares fell on four out of five days this week and fell 2.8% on Friday.

While the stock is down 15% this week, it is up 150% in the last 12 months.

According to Forbes, Musk is the largest shareholder of Tesla and the richest person in the world, with a net worth of approximately $278.7 billion.

Tesla Inc. is based in Palo Alto, California, although Musk has announced that the company will move its headquarters to Texas.

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