Elon Musk sells his Tesla shares first since 2016

Exercising some stock options, Elon Musk has sold his first block of Tesla shares since 2016 to raise the cash to pay taxes on the shares he acquired. It became public hours after Tesla founder turned to his 63 million Twitter followers with a poll if he should sell 10% of his Tesla stake.

Tesla dropped to $1tn in a market value.

Filings that posted later Wednesday revealed Musk sold another 3.58 million shares in Tesla ($4 billion). And coincidently, Elon's brother is selling Tesla too, with a very interesting timing, SEC filing reveal, he sold 88,500 Tesla shares last Friday, November 5th, between $1,223.06 and $1,236.89 each.

ZeroHedge notes: "Just hours after Elon filed to reveal a 934,000 ($1.1 billion) share sale (on Monday) to cover tax liabilities on the exercise of over 2 million options, a second set of filings presented an ever more huge sale of another 3.6 million Tesla shares for an average price of about $1,070 in the following two days (or around $3.9 billion). The interesting thing about the price action this week is that when the sale occurred (Monday and Wednesday), TSLA shares miraculously surged as the wave of Musk selling hit. And yet collapsed on Tuesday - which as far as the filings are concerned saw no Musk sales."

Photo: ZeroHedge

Elon Musk's net worth consists mostly of his Tesla shares and options to later purchase of more Tesla shares. the sixth company worth over $1 trillion. Additionally, Elon is also the primary shareholder in privately held SpaceX.

It looks like Elon Musk and his brother are just extraordinarily lucky or..

Michael Burry, the famous Big Short investor, speculated earlier this week that Elon simply needs cash and had to sell the Tesla shares to pay back personal loans, for which a sizable chunk of his Tesla shares serve as collateral. Furthermore, he said Tesla stock could crash by 90% - adding Elon Musk said it was already overpriced at $160 last year.