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Tesla’s Elon Musk Discloses Another $650 Million Share Sale

Tesla CEO Elon Musk discloses the sale of an additional 639,737 shares, worth approximately $640 million, just days after offloading about $5 billion of stock.

Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk on Friday disclosed the sale of an additional 639,737 shares of the electric-car maker, worth approximately $640 million, just days after offloading about $5 billion worth of stock following a poll of his followers on Twitter.

Musk sold 587,638 shares held by his trust on Nov. 11 in multiple transactions at prices ranging from $1,056.03 to $1,087.88, according to one regulatory filing with the Securities and Exchange Commission.

A second filing showed that Musk sold an additional 52,099 shares held by his trust at prices ranging from 1,088.01 to $1,104.15.

Musk, the world's richest person and Tesla's top shareholder, tweeted last weekend that he would sell 10% of his stock if users of the social media platform approved the move.

Related: Elon Musk's Most Memorable Tweets in 2021 (So Far)

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Musk’s followers did vote in favor of the stock sale, and Musk did sell the shares, though subsequent reports indicated Musk had submitted regulatory filings for that share sale months ago anyway.

Musk had previously said that he would have to exercise a large number of stock options in the next three months, which would create a big tax bill. Selling some of his stock could free up funds to pay the taxes.

Prior to the share sales, Musk owned about 23% stake in Tesla, including stock options.

Either way, the share-sale activity isn't doing much to dent Elon Musk's or Tesla's profile. Tesla is the most Googled stock of 2021, according to a survey which found the electric vehicle maker received 6.9 million searches a month, on average.

At last check, shares of Tesla were down 2.54% at $1036.51. The stock is up 42.03% year to date.