Elon Musk sells £820m Tesla shares after Twitter poll

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Tesla CEO Elon Musk has sold about 900,000 shares of his company’s stock for $1.1 billion (£820 million) after promising to comply with a Twitter poll.

r Musk urged his followers to vote on whether to sell 10% of their stake in the company, and 57.9% of the 3.5 million votes supported a sale.

The sales, announced in two regulatory filings late Wednesday, will cover tax liabilities for stock options granted to Mr Musk in September.

He used options to buy just over 2.1 million shares for $6.24 (£4.66) each. The company’s stock closed at $1,067.95 (£796.72) per share on Wednesday.

According to forms submitted to the U.S. Securities and Exchange Commission, the trades were “automatically executed” as part of a trading plan agreed on September 14 to sell options that expire next year.

That was about two months before he came up with the idea of ​​selling on Twitter.

After the transactions, Mr. Musk still owns approximately 170 million shares of Tesla.

A tenth of Mr Musk’s Tesla is worth around $20bn (£14.92bn), and the Twitter poll prompted a stock sale on Monday and Tuesday, but rebounded somewhat on Wednesday.

Wedbush Analyst Daniel Ives said Mr. Musk will start selling shares by the end of the year.

“Investors will be asked if it sells all of its 10% stake in the coming months or if it sells it piecemeal in 2022,” he said.