Elon Musk Offloads $5bn Of Tesla Shares After Twitter Poll

Elon Musk, Tesla CEO has sold about $5 billion of company shares days after organizing a Twitter poll where millions voted, asking if he should sell 10 percent of his large stake in the company.

The billionaire with a net worth of roughly $300 billion, offloaded 4.5 million shares this week.

Shares worth $1.1 billion were sold on Monday so as to fix tax rights after Musk exercised stock options, however the sale was performed under a pre-arranged trading plan organized in September.

It was uncertain if the rest of the share sales mentioned on Tuesday and Wednesday, around 3.6 million shares worth around $4 billion, were planned ahead of the Twitter poll.

On Saturday, Elon Musk tweeted, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” 

“I will abide by the results of this poll, whichever way it goes,” he added in another tweet.

In the poll on twitter, almost 58 percent of 3.5 million votes were taken in favor of him going on with the sale.