Elon Musk sells one other $687 million in Tesla inventory

Tesla CEO Elon Musk’s belief bought 639,737 shares within the electrical car firm on Thursday totaling about $687 million, based on regulatory filings made public Friday.

Shares of the corporate had been down virtually 4% in afternoon buying and selling Friday and about 15% week thus far.

The information comes days after Musk and his belief bought roughly $5 billion value of the inventory.

Earlier than the preliminary sale, Musk requested his hundreds of thousands of Twitter followers whether or not he ought to promote 10% of his Tesla inventory and mentioned he would comply with the outcomes. That ballot was supported by about 58% of those that responded. However, a number of the shares had been bought partly to fulfill tax obligations associated to an train of inventory choices.

Musk nonetheless owns greater than 167 million shares of Tesla.

Musk indicated earlier this yr that he was more likely to promote “an enormous block” of his choices within the fourth quarter. Throughout an look on the Code Convention in September, he mentioned when his inventory choices expire at Tesla, his marginal tax fee could be over 50%.

 — CNBC’s Lora Kolodny and Christine Wang contributed to this report.