Elon Musk sells more Tesla shares worth $687M
The billionaire sold about 640,000 shares of Tesla stock collectively valued at approximately $687 million, according to the filings. Earlier in the week, Musk sold stock valued at approximately $5 billion.
In total, Musk has sold 5.1 million shares valued at roughly $5.69 billion this week. The transactions amounted to roughly 3% of his stake in Tesla, according to Reuters.
Musk still holds more than 167 million shares of Tesla stock following the latest transactions. Tesla’s market capitalization is more than $1 trillion.
13 August 2021, Brandenburg, Grünheide: Elon Musk, Tesla CEO,
stands in the foundry of the Tesla Gigafactory during a press event. The
first vehicles are scheduled to roll off the production line in
Grünheide near Berlin from the end of 2021. The US
Tesla shares declined nearly 3% in trading Friday. The company’s stock has fallen about 10% for the week, though shares are still up more than 40% so far this year.
The market selloff began earlier this week after Musk posted a Twitter poll asking his followers whether he should sell 10% of his Tesla shares. Musk has indicated he will use some of his proceeds to cover his tax bill from exercised stock options.
19 August 2021, Berlin: A Tesla charging station in a Tesla showroom features the manufacturer's logo.
Musk is one of the world’s richest people, with a personal net worth of more than $271 billion, according to Forbes.