Elon Musk, CEO of Tesla and founder of SpaceX kept his word as he sold 5 billion of tesla stocks late Wednesday. According to a report released on Wednesday by the SEC, the Tesla CEO sold about 934,000 shares for just over $1.1 billion after exercising options to acquire nearly 2.2 million shares.
His trust sold almost 3.6 million shares in Tesla, worth around $4bn as well.
Last week Musk made a tweet asking for people’s opinions about whether or not he should sell 10% of his stocks.
Tesla Stock Performance
On Wednesday, while the entire market on Wall Street was bearish, the Tesla stock (TSLA) seemed to get back on track after a massive fall. Tesla opened on Wednesday at 1,010.41 and ended the day trading at $1,067.95 USD up 44.45 (4.34%).
Tesla fell significantly after Elon Musk tweeted asking their opinion if or not he should sell 10% of his Tesla stocks. The company’s stocks did not turn volatile immediately after the poll ended and remained neutral. However, in the following 24 hours, the EV manufacturer’s stocks plunged. On Tuesday, the dip was as big as 12%, taking the Tesla stock price to $1,023.5.
After falling for three consecutive days, which was also influenced by Tesla director and Elon Musk’s brother Kimbal Musk sold around $109 million in Tesla stocks.
The after-effects of the tweet included Tesla’s market cap falling significantly. Now it is anticipated that the stock will surge again.
Investors will keep a keen eye till the market opens.