New York/Hong Kong (CNN Business) Elon Musk sold roughly $5 billion worth of Tesla shares this week — his first such sale since 2016 — just days after conducting a Twitter poll asking his fans if he should dispose of 10% of his stake in the electric carmaker. Musk then sold another 3.6 million shares of Tesla stock on Tuesday and Wednesday, according to additional filings. At an average price of about $1,082 per share, those sales were worth about $3.9 billion. The motivation for Monday's sale was "solely to satisfy [Musk's] tax withholding obligations related to the exercise of stock options," the filing said. The options Musk exercised were about 9% of those he needs to exercise before they expire in August 2022.

Source: CNN November 12, 2021 03:10 UTC