Elon Musk sells another $1bn worth of Tesla shares

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Elon Musk has sold another $1.05bn worth of Tesla stock this week, according to financial filings.

The Tesla CEO has now sold $9.85bn worth of stock in the electric vehicle company, which is valued at around $1.10 trillion, this month.

Mr Musk, who is the world’s richest man with a personal fortune of $300bn, posted a Twitter poll on 6 November asking his more than 60m followers if he should sell 10 per cent of his stock in the company.

The poll ended with Twitter users saying he should make the sale, and Mr Musk followed through with his promise to do so.

During the week of 10 November, he sold $6.9bn worth of shares and the following week sold another $1.9bn.

Shares in the company fell 15 .4 per cent in the week ending 12 November, the worst weekly performance for Tesla, the world’s most valuable automaker, in 20 months.

Observers say that the sales have been carried out so that the entrepreneur can cover tax obligations linked to his exercise of Tesla share options, built into his deal with the company.

Despite the sales, Mr Musk still owns more than 169m shares in the company, which as of Wednesday were up 0.63 per cent and worth $1,116 each.

Mr Musk, 50, has added an estimated $133.9 billion to his net worth this year, as Tesla shares have jumped 52 per cent in value in 2021.