Elon Musk sells almost $1 billion in Tesla stock.
On Nov. 6, some of Elon Musk’s Twitter followers suggested that he sell 10% of his Tesla (TSLA) stock in a Twitter poll. Musk had sold more than half of that amount as of Wednesday.
Musk sold $1.05 billion worth of Tesla stock on Tuesday, according to regulatory documents.
Musk’s tweet caused Tesla’s valuation to fall below $1 trillion last week, prompting him to sell a large portion of the stock he offered. The value of Tesla stock sold by the world’s richest man now exceeds $10 billion.
The total number of shares in the company is 9.2 million. According to Forbes, Musk will need to sell 17 million shares to sell 10% of his Tesla stock, leaving him with 7.9 billion shares to sell.
According to Barron’s, he will sell that much stock in four weeks. Musk faces a $3.5 billion tax liability on his stock options, according to the Wall Street Journal.
Musk’s tweets have a clear impact on his own income as well as the finances of Tesla, which has been criticized.
Tesla’s stock was trading at $1,124.81 at 11:25 a.m. ET on Wednesday, up $15.78, or 1.42 percent.