Elon Musk polled his Twitter followers last weekend about whether he should sell Tesla Inc. stock, but his plans to sell were already in progress.
Filings made public by the Securities and Exchange Commission on Wednesday afternoon showed Musk selling more than 930,000 shares of Tesla
TSLA,
out of more than 2.1 million options he exercised at a price of $6.24 a share. Musk sold the shares for more than $1,100 and less than $1,200 apiece as Tesla shares dipped 4.8% on Monday, collecting roughly $1.09 billion.
The electric-car company’s chief executive made the plans to sell the stock on Sept. 14, according to the SEC filings. Musk asked his more than 60 million Twitter followers whether he should sell Tesla stock over the weekend, but had previously acknowledged that tax bills and expiring options would force him to sell some stock this year. More than 3.5 million votes were cast, with “yes” winning.
Musk still holds more than 170 million Tesla shares, to maintain roughly 17% of ownership.
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This post was originally published on Market Watch
