Elon Musk Sells $5 Billion in Tesla Stock

Earlier this week, Musk asked his Twitter followers to vote to determine the future of his Tesla holdings, but filings reveal the sale was already scheduled.

learn more about Amanda Breen

By Amanda Breen

Tesla CEO Elon Musk sold almost $5 billion in Tesla stock, financial filings released Wednesday evening reveal. Musk continues to hold 166 million shares.

In a series of trades made on Tuesday and Wednesday, the billionaire's trust sold more than 3.5 million shares worth in excess of $3.88 billion; the transactions weren't marked as 10b5, which means the sales weren't scheduled in advance.

Filings also demonstrated that Musk intends to sell a separate block of Tesla shares. The planned sale, initiated on September 14, totals more than 930,000 shares at a value of more than $1.1 billion.

Related: How Do Your Eating Habits Compare to Warren Buffett, Elon Musk and Bill Gates? These Are the Billionaires' Favorite Foods to Snack On

According to CNBC, the sales were made in part to satisfy tax obligations related to an exercise of stock options.

Before the sale plan went public, Musk encouraged his 62.5 million Twitter followers to vote in an informal poll, saying their vote would sway the future of his Tesla holdings. About 58% of respondents voted for Musk to sell. But the filings show that some of Musk's shares were already scheduled for sale this week.

Tesla shares dropped more than 15% after the Twitter poll, then rose more than 4% on Wednesday. The stock continued to increase in aftermarket trading on Thursday.

Since Tesla's market cap exceeded $1 trillion on October 28, current and former board members have sold hundreds of millions of dollars worth of the shares. All of those sales were planned (marked as 10b5), with the exception of Kimbal Musk's. He sold approximately $109 million worth of his shares one day before his brother's Twitter poll.

Related: Elon Musk Sinks Tesla Shares With Contentious Twitter Poll

Amanda Breen

Entrepreneur Staff

Features Writer

Amanda Breen is a features writer at Entrepreneur.com. She is a graduate of Barnard College and recently completed the MFA in writing at Columbia University, where she was a news fellow for the School of the Arts during the 2020-2021 academic year. 

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

'This Made Me Physically Recoil From My Phone': Lingerie Brand Apologizes For 'Creepy' Ad Referencing Ryan Reynolds and Bras

Online lingerie retailer Harper Wilde is under fire for a bizarre sponsored post it has since pulled from Instagram.

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.

Business News

Viral Sensation 'Popcorn Guy' Has Earned a Gig at the 2023 Oscars

Jason Grosboll first went viral on TikTok for his theatrical method of buttering popcorn in a Texas movie theater.

Living

Invest in Yourself: 10 Things Every Working Woman Should Do This Year

When striving for success, it is easy to forget about your mental and physical health. But without health, you cannot fully succeed. Follow these ten lifestyle strategies for success in your personal and professional life.