Elon Musk Has Sold Tesla Stock Once Again

Elon Musk, CEO of Tesla and SpaceX, has sold Tesla stock once again. This time, Musk sold $700 million worth of Tesla shares.

Elon Musk, CEO of electric vehicle manufacturer Tesla, continues to sell Tesla shares. In the statement made to the relevant regulator, it was stated that Musk sold another $ 700 million of shares. Accordingly, Elon Musk's sales of Tesla shares increased to $ 5.7 billion. Elon Musk, who sold Tesla shares for the first time since 2016, stated that the decision to sell was taken to meet tax obligations arising from stock options transactions. These contracts, which come from an option reward Musk obtained in 2012, expire in August next year, and therefore, Musk had to execute these contracts before this time. Selling such contracts imposes an income tax liability, which is usually met through the sale of some newly acquired shares. Tesla CEO recently made a poll for his more than 60 million followers on Twitter and asked whether to sell 10 percent of his Tesla shares. While more than 3.5 million votes were cast, 57.9 percent said ‘yes’. Musk emphasized that he would comply no matter what the result of the survey came out. After the Twitter poll, Tesla's shares tumbled more than 15 percent.