Elon Musk is promoting one other $ 687 million in Tesla inventory after shedding billions earlier this week
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Tesla CEO Elon Musk’s trust sold 639,737 shares in the electric vehicle company on Thursday, valued at around $ 687 million, according to regulatory documents released on Friday.
The company’s shares lost nearly 4% in Friday afternoon trading and about 15% this week.
The news comes days after Musk and his trust sold roughly $ 5 billion worth of shares.
Before making the first sale, Musk asked his millions of Twitter followers to sell 10% of his Tesla stock and said he would follow the results. This survey was supported by around 58% of the respondents. However, some of the shares were partially sold to meet tax obligations related to the exercise of stock options.
Musk still owns more than 167 million Tesla shares.
Musk indicated earlier this year that he would likely sell “a huge block” of his options in the fourth quarter. Speaking at the Code Conference in September, he said that when his stock options with Tesla expire, his marginal tax rate would be over 50%.
– CNBC’s Lora Kolodny and Christine Wang contributed to this report.