Elon Musk sells US$5 billion in Tesla shares after Twitter poll

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Tesla Chief Executive Elon Musk sold about US$5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10 per cent of his stake.

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In his first share sale since 2016, Musk’s trust sold nearly 3.6 million shares in Tesla, worth around US$4 billion, while he also sold another 934,000 shares for US$1.1 billion after exercising options to acquire nearly 2.2 million shares.

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The 4.5 million shares equate to about 3 per cent of his total holdings in the electric vehicle manufacturer, which makes up the vast part of his estimated US$281.6-billion fortune, according to Forbes .

Musk on Saturday polled Twitter users about selling 10 per cent of his stake , helping to push down Tesla’s share price after a majority on Twitter said they agreed with the sale.

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. Tesla did not respond to a request for comment.

The additional share sales were separate and provide Musk with sizeable reserves of cash, given his wealth is largely tied to his stakes in Tesla and SpaceX.