Tesla CEO Elon Musk has been selling Tesla stock over the past week.
According to CNBC broadcast on the 13th (local time), Musk announced the same night that he had sold $1.2 billion worth of Tesla stock the day before Friday.
As a result, it was counted that Musk sold a total of $6.9 billion worth of Tesla stock for five consecutive days from the 8th to the 12th.
After Musk posted a sudden tweet to his Twitter followers on the 6th of last weekend, “Please decide whether to sell a 10% stake in Tesla,” he sold his stock every day the stock market opened.
At the time, a majority of respondents (58%) in the survey supported the sale of 10%.
Musk cited the billionaire tax debate in Congress as the reason, but US media have pointed out that he had already announced in September that he would sell “a large amount” of stock options by the end of the year.
The massive sell-off of Musk, the CEO and face of the company, had a major impact on Tesla’s soaring stock price.
Tesla, which hit an all-time high of $1,229.91 per share on November 4, fell 15.4% over the past week, the biggest drop in 20 months.
Musk still owns 166 million shares of Tesla, CNBC reported.