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Elon Musk sells around $5 billion of Tesla stock

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Tesla CEO Elon Musk sold nearly $5 billion in Tesla stock, according to financial filings out Wednesday evening. He still holds more than 166 million shares.

His trust sold more than 3.5 million shares worth over $3.88 billion in a flurry of trades carried out Tuesday and Wednesday. Those transactions were not marked as 10b5, meaning they were not scheduled sales.

Earlier Wednesday evening, filings showed Musk is selling a separate block of Tesla shares via a plan that he set in motion on Sept. 14 this year. Those sales amount to more than 930,000 shares worth over $1.1 billion.

Musk sold these shares in part to satisfy tax obligations related to an exercise of stock options.

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Source cnbc.com

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