Just days after Twitter poll strongly supported Tesla’s CEO Elon Musk to sell 10% of his stake, Elon on Wednesday according to filings sold about $5 billion in share.
Elon’s trust has sold about 3.6 million shares worth around $4 billion while he sold about 934,000 shares for $1.1 billion after exercising his option to acquire nearly 2.2 million shares. In combination the sale represents about 3% of Elon’s holding in Tesla.
The selling pressure did not impact the price marginally given high liquidity and sold stake is not a high proportion of the shares outstanding.
Tesla closed overnight at 1067.95 up by 4.34%.