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AP National Business

Musk sells more Tesla shares; stock drops in early trading

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KMIZ

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Published 10:00 AM

DETROIT (AP) — Tesla CEO Elon Musk sold another chunk of his stock Thursday after pledging on Twitter to liquidate 10% of his holdings in the electric car maker. Musk sold about 640,000 shares for roughly $687.3 million, according to two filings with the U.S. Securities and Exchange Commission. The sales will help Musk pay what’s expected to be a hefty tax bill. So far the eccentric CEO has sold about 5.1 million shares worth about $5.69 billion. That amounts to just over 3% of his stake in Telsa. He still owns about 167.5 million shares, just under 17% of the company, according to the SEC filings and data provider FactSet.

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