Tesla Stock Bleeds As Elon Musk Fulfill His Promise

Days after Tesla billionaire Elon Musk heldĀ  a twitter pool concerning his dicisi0n to sell of some of his stocks, the company’s shares fell by around 16%. Below is the result of the poll.

Tesla is the world’s most valuable carmaker, with a stock market valuation of more than $1tn.

Mr Musk’s trust sold almost 3.6 million shares in Tesla, worth around $4bn.

He also sold another 934,000 shares for about $1.1bn after exercising options to acquire nearly 2.2 million shares, according to filings with the US stock market regulator.

The documents showed that the sale of about a fifth of the shares was made based on a pre-arranged trading plan set up in September, long before Mr Musk’s social media posts at the weekend about selling some of his shares.

However, the regulatory filings also showed that the sale of the remainder of the shares had not been scheduled.

Mr Musk has highlighted that he is not paid in cash by Tesla and only has stock.

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