Elon Musk sells $5B of Tesla shares in 2 days after Twitter poll

Sale comes after CEO asked in Twitter poll about selling 10% of his Tesla shares.

Elon Musk sells $5B of Tesla shares in 2 days after Twitter poll

US business magnate Elon Musk has sold $5 billion in his Tesla shares in just two days, after his Twitter poll asked people if he should go ahead with the move.

The Tesla CEO sold over 3.5 million of his shares on Tuesday and Wednesday that were worth around $3.9 billion, according to financial filings of the US' Securities and Exchange Commission (SEC).

He later separately sold approximately 930,000 shares with a worth of more than $1.1 billion, the SEC filings showed.

Musk on Saturday asked his followers in a Twitter poll about selling 10% of his company shares, writing "Much is made lately of unrealized gains being a means of tax avoidance."

"I will abide by the results of this poll, whichever way it goes ... Do you support this?" he added, generating a response from over 3.5 million users in the poll, which resulted in 57.9% in favor and 42.1% against his proposal.

Tesla stock price fell 4.8% on Monday and plummeted an additional 12% on Tuesday, before bouncing back 4.3% on Wednesday on the S&P 500.

Musk's sale comes amid his facing a tax bill of more than $15 billion. In addition, most of Tesla executives have been selling some of their shares to take profit with company's stock price skyrocketing.

Tesla stock price more than doubled in the past 12 months, soaring 156%, from $417 on Nov. 11 last year to $1,067.95 per share on Thursday before the opening bell on the New York Stock Exchange.

Hüseyin Demir

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