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Shares of the corporate had been down greater than 2% in early morning buying and selling and about 15% week up to now.
The information comes days after Musk and his belief bought roughly $5 billion value of the inventory.
Earlier than the preliminary sale, Musk requested his thousands and thousands of Twitter followers whether or not he ought to promote 10% of his Tesla inventory and mentioned he would observe the outcomes. That ballot was supported by about 58% of those that responded. However, among the shares had been bought partly to fulfill tax obligations associated to an train of inventory choices.
Musk nonetheless owns greater than 167 million shares of Tesla.
Musk indicated earlier this yr that he was prone to promote “an enormous block” of his choices within the fourth quarter. Throughout an appearance at Code Conference in September, he mentioned when his inventory choices expire at Tesla, his marginal tax fee could be over 50%.
– CNBC’s Lora Kolodny and Christine Wang contributed to this report.