Tesla Inc TSLA CEO Elon Musk sold $6.85 billion worth of the electric-vehicle maker's shares, according to filings made with the U.S. Securities and Exchange Commission on Tuesday.
What Happened: The billionaire entrepreneur sold 7.92 million Tesla shares valued at nearly $6.85 billion, taking into account Friday’s closing price of $864.51.
The stock sale began Aug. 5 and took place over 55 transactions, according to the filings.
See Also: How To Buy Tesla (TSLA) Stock
Why It Matters: No reason was stated by Tesla for Musk's share sale.
Last year, Musk sold more than $16 billion worth of Tesla shares, beginning in November after he asked his followers on Twitter if he should sell his stock in the company.
A Bloomberg MIV Pulse survey indicated that Musk will continue to sell his stake in Tesla. 68% of the polled respondents believed that he would continue to sell irrespective of the outcome of his attempts to purchase Twitter Inc TWTR.
In April, Musk sold $3.9 billion worth of Tesla shares to possibly fund his Twitter bid but said he did not plan to sell more stock.
So far this year, Tesla shares have shed 19.6% in value but are up nearly 37% from their 52-week lows.
Price Action: On Tuesday, Tesla shares closed 2.4% lower at $850 in the regular session and rose 0.2% in extended trading, according to Benzinga Pro data.
Read Next: Elon Musk On Why First Moon Landing Was An 'Anomaly'
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