The CEO of Tesla has sold some $1.1bn of his shares in the most valuable Electric Vehicle carmaker.
This comes days after the polls he conducted on his Twitter feed last Saturday where he asked his followers whether he should sell 10% of his Tesla shares.
The carmakers value on the stock market dropped by some 16% for two days in a row. Following the results of the polls where majority of his followers voted in favor of him selling 10% of his shares. The stocks however have regained some grounds since Wednesday.
As mentioned earlier Tesla is the most valuable carmaker in the world and the only one to reach a trillion dollar valuation.
Musk has so far sold over 930,000 of his shares which represent some 0.5% of his total shares. This is according to stock filings at the US stock market regulator.
According to the documents, plans to sell the shares were filed in September. Which suggest Musk has long made arrangements to sell the stocks before conducting the polls on Twitter.
He is required to pay income taxes on the transaction according to US laws which is the major reason why majority of his followers voted in favor of the sales.
He still owns over 170 million shares in Tesla and is the richest man today with estimated wealth of $280bn.
