Elon Musk on Thursday sold 639,737 shares of electric vehicle company Tesla on Thursday, totaling about $687 million, according to regulatory filings made public on Friday.
See also: Elon Musk sold $5 billion worth of Tesla shares
The company's shares fell more than 2% in early morning trading and about 15% in the week to date.
The news comes days after Musk sold about $5 billion worth of shares.
Before the initial sale, Musk asked his millions of Twitter followers whether he should sell his 10% stake in Tesla and said he would do whatever it took to get there. That poll was supported by about 58% of respondents. However, some of the shares were sold in part to meet tax obligations related to the exercise of stock options.
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Musk still owns more than 167 million shares of Tesla.
Elon Musk said earlier this year that he was likely to sell “a huge block” of his options in the fourth quarter. During an appearance at the Code Conference in September, he said that when his Tesla stock options expire, his marginal tax rate would be over 50%.
Information source: cnbc.com
