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Musk’s Tesla sells another $687 million worth of stock

Tesla Managing director Elon Musk disclosed an additional share sale worth about $687 million in the electric car maker, regulatory filings showed on Friday, after down about 5 billion dollars in stock at the beginning of the week.

Musk sold 587,638 and 52,099 shares of stock held by the trust on November 11 in multiple transactions, according to two separate filings.

Tesla shares were up 0.5% at $1,069 in pre-market trading.

Musk, the world’s richest man and a top Tesla shareholder, tweeted late last week that he would sell 10% of his shares if users of the social media platform approve the move.

In the initial stock sale, filings show that Musk’s trust sold nearly 3.6 million shares of Tesla, worth about $4 billion, while he also sold another 934,000 shares for $1. $1 billion to cover tax obligations after exercising call options on nearly 2.2 million shares.

Prior to the sale, Musk owned about 23% of shares in Tesla, including stock options.

Musk previously said that he would have to exercise a large number of stock options over the next three months, which would create a large tax bill. Selling some of his stock could free up money to pay taxes.

(Reporting by Subrat Patnaik and Akash Sriram in Bengaluru; Editing by Anil D’Silva)

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