Elon Musk offloads $1.1 billion worth of Tesla shares after Twitter poll troll

Over the weekend, Elon Musk made headlines by tweeting, as he often does, and in one of the tweets, proposed selling 10 percent of his stock in Tesla. At the time, he said, “I will abide by the results of this poll, whichever way it goes.” Now, SEC filings (1, 2) reveal the exec has exercised his options on over two million shares of the automaker and sold 934,091 of them (via CNBC). At the company’s current valuation, the shares he sold are worth about $1.1 billion.

So did he do it because someone on Twitter voted one way or the other? In this case, no, because as analyst Matt Levine points out, the documents reveal the plan for this sale has been established since September 14th.

As we told you over the weekend, Musk’s...

Continue reading…