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Elon Musk offers another $687 million in Tesla stock

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Tesla CEO Elon Musk’s trust offered 639,737 shares in the electrical automobile business on Thursday amounting to about $687 million, according to regulative filings revealed Friday.

Shares of the business were down more than 2% in morning trading and about 15% week to date.

The news comes days after Musk and his trust offered approximately $5 billion worth of the stock.

Before the preliminary sale, Musk asked his countless Twitter fans whether he ought to offer 10% of his Tesla stock and stated he would follow the outcomes. That survey was supported by about 58% of those who reacted. But, a few of the shares were offered in part to please tax commitments connected to a workout of stock alternatives.

Musk still owns more than 167 million shares of Tesla.

Musk suggested previously this year that he was most likely to offer “a huge block” of his alternatives in the 4th quarter. During a look at Code Conference in September, he stated when his stock alternatives end at Tesla, his limited tax rate would be over 50%.

– CNBC’s Lora Kolodny and Christine Wang added to this report.

Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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