Musk Sells More Tesla Stock, Bringing Total to $5.7 Billion

(Bloomberg) -- Tesla Inc. Chief Executive Officer Elon Musk sold almost $700 million of stock in the electric car-maker, continuing a string of transactions that started this week.

The billionaire on Nov. 11 disposed of 639,737 shares worth about $687 million, according to regulatory filings.

These latest disposals bring Musk’s total sales this week to approximately $5.7 billion. Some of the trades were made under a pre-arranged trading plan he established in September. 

On Nov. 6, Musk wrote on Twitter that “much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” and opened a poll allowing users to vote on the matter. Almost 58% of the 3.5 million votes were cast in favor of a sale.

Tesla stock has slumped 13% this week and slipped 0.4% on Thursday to $1,063.51.

Musk, 50, is the world’s richest person with a net worth of $294 billion, according to the Bloomberg Billionaires Index.

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