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Photo: Visual China Group via Getty Images

Elon Musk has sold almost $5 billion in Tesla stock during a spate of transactions, CNBC first reported Wednesday evening.

Why it matters: The sale follows Musk's posting of an informal poll on Twitter Saturday, asking his followers whether he should sell about 10% of his shares in Tesla and after the company's stock fell 12% on Tuesday.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.
  • While Musk had tweeted that he would "abide by the results" of Saturday's poll on whether to sell about 10% of his shares, financial filings reveal that he knew some of his stock were for sale, per CNBC.
  • He sold the stock in an effort to "satisfy tax obligations related to an exercise of stock options," according to CNBC.

The big picture: Bloomberg first reported on Tuesday that Musk had sold over $1.1 billion of Tesla stock.

  • Subsequent financial filings to the SEC out Wednesday evening showed that his trust sold over 3.5 million shares valued at roughly $3.88 billion.
  • "Those transactions were not marked as 10b5, meaning they were not scheduled sales," CNBC notes.

Of note: A company filing with the SEC shows that Elon Musk's brother, Kimbal Musk, dumped shares last Friday, Axios' Kate Marino notes.

  • Representatives for Tesla did not immediately respond to Axios' request for comment.

Editor's note: This article has been updated to include details of Musk's later transactions.

Go deeper

Kendall Baker, author of Sports
Nov 16, 2021 - Sports

You can own the Packers — today

Photo: Harry How/Getty Images

So you want to own a sports team? Now's your chance.

Driving the news: The Packers — the only publicly-owned, not-for-profit major professional sports team in the U.S. — are selling shares of "stock" for just the sixth time in the franchise's 102-year history.

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From Malcolm X to "Free Britney," new media shapes the justice system

Illustration: Shoshana Gordon/Axios

True crime documentaries, podcasts and social media campaigns are bringing new attention to real-world legal proceedings — and are often affecting the outcome.

Why it matters: New media platforms can instantly put a national spotlight on cases that have long been forgotten or buried under red tape.

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The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.