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Billionaire Elon Musk just pocketed another $687.3 million, as he sold more Tesla Inc. stock to the public.
The sales follow disclosures earlier this week that the electric vehicle market leader’s chief executive sold more than 4.5 million Tesla shares for roughly $5 billion. The sales come as the world’s richest man asked his Twitter followers last week if he should sell 10% of this stock, and the answer was yes.
In Form 4 filings with the Securities and Exchange Commission filed Friday, Musk disclosed he sold 639,737 shares in the open market on Thursday, in a series of transactions at prices ranging from $1,104.01 down to $1,056.318.
On Thursday, the stock
TSLA,
had rallied as much as 3.5% to an intraday high of $1,104.97 before reversing course to fall as much as 1.2% to a low of $1,054.68 before closing down 0.4% at $1,063.51.
The weighted average price of the 44 sale transactions recorded in two separate filings was $1,074.343, according to a MarketWatch calculation. That price was about 3.6% above current levels.
On Friday, the stock dropped 2.5% in morning trading. It has now shed 15.7% since closing at a record $1,229.91 on Nov. 4.
FactSet, MarketWatch
The filings show Musk was the indirect owner of the shares sold, as he is trustee of the Elon Musk Revocable Trust.
After Thursday’s sales, the filings say Musk is still indirect owner of 167,485,682 shares, which are valued at $173.68 billion at current prices. Tesla’s had a market capitalization of $1.04 trillion, enough to make it the fifth most valuable U.S. company.
Tesla’s stock has soared 43.6% over the past three months while the S&P 500 index
SPX,
has gained 4.5%.
