Tesla Inc Chief Executive Elon Musk disclosed on Wednesday that he sold about $5 billion in shares, just days after the billionaire polled Twitter users about offloading 10% of his stake in the electric carmaker.
It was the first time that Musk cashed out on a stake of that size since the electric carmaker was founded in 2003.Musk said on Saturday he would sell 10% of his stake if Twitter users agreed. The billionaire owned a combination of about 244 million shares through his trust and stock options, bringing his stake in the electric car maker to about 23% as of the end of June. The stake included 170 million shares held by his trust.
Then a flurry of transactions this week, his first share sale since 2016, reduced Musk's direct and indirect stake in Tesla to 168 million shares, from 170 million shares. The remaining 3.6 million shares in Tesla, worth around $4 billion, were sold through his trust on Tuesday and Wednesday.Musk had an option to buy 22.86 million shares at $6.24 each, which expire on Aug. 13, according to a Tesla filing.
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