Elon Musk Has Sold $5B Worth of Tesla Shares Following the Twitter Poll

Elon Musk Has Sold $5B Worth of Tesla Shares Following the Twitter Poll

Just a few days after the completion of the Twitter poll, in which Elon Musk asked his followers whether he should sell 10% of his Tesla stock, the billionaire has sold in total nearly five million shares, recent SEC filings showed.

  • CryptoPotato reported over the weekend Elon Musk’s rather unorthodox approach about whether he should sell a sizeable portion of his Tesla stock. The billionaire asked his millions of Twitter followers if he should dispose of 10% of his shares, and the majority answered with “yes.”
  • Musk asserted that he will abide by the poll’s results, and it seems he has made good on that promise.
  • Filings with the Securities and Exchange Commission from November 8th and 9th show that Tesla’s CEO has disposed of 3.6 million shares worth roughly $4 billion.
  • Additionally, he sold another 934,000 shares for $1.1 billion after exercising options to acquire nearly 2.2 million shares – this one was set in motion on September 14th, according to another filing.
  • This was Musk’s first sale of Tesla stock since 2016 and third in total since the company became public in 2010. As of now, the billionaire is left with nearly 170 million shares.
  • The price of TSLA went through a rollercoaster this week, after Musk’s poll. They opened at $1,170 on Monday, but when the survey’s results became clear, they dropped by more than 9% to $1,060.
  • TSLA bottomed at around $1,000 on Wednesday, which marked a 15% dip in just three days. However, the shares’ price has increased during the Asian trading hours by 4.5% to $1,070.
  • Nevertheless, it would be intriguing to follow how TSLA will perform when trading starts in the US following the news that the company’s CEO has sold a portion of his stocks.
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