Elon Musk Sells $5 bln Tesla Shares In Response to Twitter Poll

Tesla CEO Elon Musk sold nearly $5 billion in stock, in part to cover tax obligations, days after polling Twitter users about selling 10 percent of his Tesla share.

Musk’s trust sold more than 3.5 million shares worth over $3.88 billion in an unscheduled trade on Nov. 8 , according to financial filings. Last week, Musk polled his Twitter followers asking them to decide whether or not he will sell 10 percent of his shares to cover his tax obligations.

In his tweet, Musk referred to a debate on whether the wealthiest persons should be taxed according to their wealth or their income and added that his decision to sell will abide by the poll’s results.

Tesla’s stock sank 16 percent two days after the Twitter post where the majority agreed with the sale but recovered 4.3 percent on Nov. 10.

Another 930,000 Tesla shares worth over $1.1 billion were also sold separately on Nov. 10 — the sale was planned since September for Musk’s purchase of new options.

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