Elon Musk sold about $5 billion in Tesla shares, the billionaire reported in filings, just days after he polled Twitter users about selling 10% of his stake $TSLA
Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his stake.
The stock sank 12% on Tuesday in a multi-day selloff that endangered the company's position in the $1 trillion club, but recovered 4.3% on Wednesday.The options-related sales were set up in September through a trading plan that allows corporate insiders to establish preplanned transactions on a schedule, the filing said. The sales of the option-related shares paid for associated taxes. It was not clear how or whether the trading plan related to Musk's Twitter poll.
"But the stock is pretty liquid and its not a huge percentage of total issued shares, so it shouldn't have that much of an impact ... we're quite comfortable with the outlook for the business," he said.
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