After a Twitter stock poll, Elon Musk sells another (dollar)700 million worth of Tesla stock, prompting legal scrutiny.

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After a Twitter stock poll, Elon Musk sells another (dollar)700 million worth of Tesla shares, prompting legal scrutiny.

The stock of the electric vehicle manufacturer fell again as the markets opened yesterday, as the company’s CEO continued to sell off his holdings.

Elon Musk, Tesla’s founder and CEO, has sold another (dollar)700 million (£523 million) worth of shares in his company, just days after dumping a (dollar)5 billion stake in response to a Twitter poll.

The second round of large stock sales follows the announcement by the world’s richest man and Tesla’s largest shareholder, Elon Musk, that he would sell 10% of his shares if users of the social media platform approved the move.

In filings with the US Securities and Exchange Commission (SEC) on Friday, Musk disclosed an additional sale of 639,737 shares in the company, valued at (dollar)687 million.

Musk had just sold 3.6 million shares worth about (dollar)4 billion earlier this week, after polling his 63 million Twitter followers over the weekend about whether he should do so.

The sale received 58 percent of the vote in the poll, which attracted 3.5 million votes.

Given the recent focus on unrealized gains as a means of tax avoidance, I propose selling 10% of my Tesla stock.

Are you in agreement?

The SEC and Tesla both declined to comment on the recent stock sale.

The chief executive’s second sale, like the first, alarmed investors.

Tesla stock was down 1.5 percent in early trading, putting it on track for its first weekly loss in 12 weeks.

Tesla’s stock market value has dropped by (dollar)157 billion this week, more than the combined market values of its traditional rivals Ford Motor and General Motors.

However, the electric vehicle manufacturer is still the most valuable auto company in the United States by a significant margin.

“After the roller coaster ride they’ve been on, Tesla investors are exhausted.

After what we’ve already gone through, I don’t expect a significant impact on the stock price,” said Fiona Cincotta, senior markets analyst at City Index in London.

It has resurfaced questions about whether the billionaire broke any rules or broke the terms of his settlement with the Securities and Exchange Commission for falsely tweeting in 2018 that he had secured funding to take Tesla private when he did not.

Musk is required to check under that agreement, which the SEC refined in 2019.

UK news summary from Infosurhoy.

After a Twitter stock poll, Elon Musk sells another (dollar)700 million worth of Tesla stock, prompting legal scrutiny.

Elon Musk sells another (dollar)700m of Tesla shares, prompting legal scrutiny after Twitter stock poll

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Elon Musk sells another (dollar)700m of Tesla shares, prompting legal scrutiny after Twitter stock poll

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