Elon Musk sells over $1.1 billion of Tesla stocks

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New York: Tesla chief executive officer Elon Musk on Wednesday sold shares of the electric carmaker, shortly after holding a poll on Twitter.

He had announced selling 10 per cent of his holdings in Tesla – more than $20 billion worth by most calculations – based on the results of the Twitter poll he conducted over the weekend.

About 58 per cent of more than 3.5 million votes had asked him to sell the stock.

According to regulatory filings, Musk on Monday exercised the 2.15 million options at a price of $6.24 per contract and subsequently sold 934,000 shares to collect about $1.1 billion, Bloomberg reported.

On Friday, the company’s shares gained more than 40 per cent since last month when it announced a record profit for the third quarter. Last week, Tesla shares hit an all-time closing high of $1,229.91 per share. It’s the most valuable carmaker in the world with a market capitalisation of more than $1 trillion. The stock fell 4.8 per cent Monday to $1,162.94. It is still up nearly 65 per cent for the year.

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