Elon Musk Sells More Tesla Shares Worth $687 Million

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Elon Musk, the CEO of Tesla Inc (NASDAQ:TSLA), has sold another part of his shares in the automotive company for more than $687 million, according to filings by the Securities and Exchange Commission (SEC) in the U.S.

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Tesla Shares

In this new operation, Musk has shed 639,727 shares through a fund, which reduces his participation in the company to 165.34 million shares, 16.46% of a total of 1,004 million.

As reported by The Washington Post, Since Monday, Elon Musk has sold 5.161 million shares out of the total 170.5 million he owned, all for a total amount of $ 5.67 billion.

The sales come after Elon Musk's followers voted in favor of selling 10% of his stake –valued at some $21 billion– in a poll on Twitter organized by the CEO himself last weekend.

Then, out of 3.5 million voters, 58% supported the sale while 42% voted against it.

On Thursday, Business Insider reported that Musk offloaded far less than his Twitter poll suggested he might, as “According to the filings, Musk owns 170.5 million shares in addition to the 2.15 million he exercised on Monday, meaning his sale of 4.5 million amounts to less than 3% of his total Tesla holdings.”

Twitter Swing

Previously, other tweets by the CEO had also affected the company's valuation. In 2018, Musk agreed to obtain the approval of a Tesla lawyer before communicating sensitive information to investors as part of an agreement with securities regulators.

The shares of the biggest electric cars manufacturer have soared 73% this year, reaching $ 1,222.09 on November 5, representing a valuation of $1.2 trillion. The number of shares Musk could sell equates to 80% of Tesla's average daily trading volume over the past three months.

The price of Tesla fell 0.42%, to $1,063.51 at market close Thursday on Nasdaq. Previously, the company opened Monday with a 7.2% dive compared to last Friday's $1,222.

Tesla is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders’ families.