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Tesla CEO Elon Musk’s belief offered 639,737 shares within the electrical car firm on Thursday totaling about $687 million, in keeping with regulatory filings made public Friday.

Shares of the corporate have been down greater than 3% in afternoon buying and selling Friday and about 15% week thus far.

The information comes days after Musk and his belief offered roughly $5 billion price of the inventory.

Before the preliminary sale, Musk requested his hundreds of thousands of Twitter followers whether or not he ought to promote 10% of his Tesla inventory and stated he would observe the outcomes. That ballot was supported by about 58% of those that responded. But, a few of the shares have been offered partly to fulfill tax obligations associated to an train of inventory choices.

Musk nonetheless owns greater than 167 million shares of Tesla.

Musk indicated earlier this yr that he was more likely to promote “an enormous block” of his choices within the fourth quarter. During an look on the Code Conference in September, he stated when his inventory choices expire at Tesla, his marginal tax fee could be over 50%.

 — CNBC’s Lora Kolodny and Christine Wang contributed to this report.


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