UBS managing director and senior portfolio manager Jason Katz on Elon Musk asking Twitter followers if he should sell Tesla stock.
Tesla CEO Elon Musk sold another significant chunk of his stock in the electric car maker, according to regulatory filings published on Friday.
The billionaire sold about 640,000 shares of Tesla stock collectively valued at approximately $687 million, according to the filings. Earlier in the week, Musk sold stock valued at approximately $5 billion.
In total, Musk has sold 5.1 million shares valued at roughly $5.69 billion this week. The transactions amounted to roughly 3% of his stake in Tesla, according to Reuters.
FILE PHOTO: SpaceX founder and Tesla CEO Elon Musk looks on as he visits the construction site of Tesla’s gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021. REUTERS/Michele Tantussi/File Photo (Reuters Photos)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 1,033.42 | -30.09 | -2.83% |
Musk still holds more than 167 million shares of Tesla stock following the latest transactions. Tesla’s market capitalization is more than $1 trillion.
13 August 2021, Brandenburg, Grünheide: Elon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event. The first vehicles are scheduled to roll off the production line in Grünheide near Berlin from the end of 2021. The US (Getty Images)
Tesla shares declined nearly 3% in trading Friday. The company’s stock has fallen about 10% for the week, though shares are still up more than 40% so far this year.
The market selloff began earlier this week after Musk posted a Twitter poll asking his followers whether he should sell 10% of his Tesla shares. Musk has indicated he will use some of his proceeds to cover his tax bill from exercised stock options.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
19 August 2021, Berlin: A Tesla charging station in a Tesla showroom features the manufacturer’s logo. Photo: Christophe Gateau/dpa (Photo by Christophe Gateau/picture alliance via Getty Images) (Photo by Christophe Gateau/picture alliance via Getty Images / Getty Images)
Musk is one of the world’s richest people, with a personal net worth of more than $271 billion, according to Forbes.
The Associated Press contributed to this report.