Musk sells more Tesla shares and stock falls further

DETROIT (AP) — Tesla CEO Elon Musk has sold another chunk of his stock after pledging on Twitter to liquidate 10% of his holdings in the electric car maker.

Musk sold about 640,000 shares for roughly $687.3 million, according to two filings with the U.S. Securities and Exchange Commission.

The sales will help Musk pay what’s expected to be a hefty tax bill.

So far the eccentric CEO has sold about 5.1 million shares worth about $5.69 billion. That amounts to just over 3% of his stake in Telsa.

He still owns about 167.5 million shares, just under 17% of the company, according to the SEC filings and data provider FactSet.

Categories: National News