Stop him now: Tesla shares go down as CEO offloads another $700m
Tesla’s shares have gone down from $1,069 in premarket trading to a $1,047.50 opening price, after chief executive Elon Musk offloaded a further $700m worth of stocks.
Early in the week, Musk had sold $5bn of his shares as a result of a poll held last week where the extravagant billionaire asked his 63.4 million followers whether he should sell 10 per cent of his quota.
Answer by more than 3.5 million people, the poll leaned by 57.9 per cent towards selling.
After suffering from a post-announcement slump, yesterday the automotive giant’s shares went up to $1,103.40 – a 3.3 per cent increase compared with earlier this week – eventually closing down at $1,063.51.
The chief executive’s trust initially sold 3.6 million shares in a first sale round, offloading another 934,000 stocks to cover tax obligations. According to two separate filings, on Thursday Musk sold 587,638 and 52,099 shares in multiple transactions.