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Tesla CEO Elon Musk has fulfilled his promise to sell a portion of his stake in the company, worth $5 billion.


Elon Musk sells 5 billion dollars of Tesla shares

The American billionaire took this step a few days after a poll he posted on Twitter, in which he asked for the opinions of his followers about selling ten percent of his stake.


In the first sale of shares since 2016, Musk sold nearly 3.6 million shares in Tesla, worth about four billion dollars, and sold another 934,000 shares for 1.1 billion dollars, after activating financial options to obtain approximately 2.2 million shares.


Sold shares equal about three percent of his total holding in the electric car manufacturer, which makes up the bulk of his fortune, estimated at $281.6 billion.


On Saturday, Musk began the poll on Twitter to sell about ten percent of his holding, which led to a decline in the value of Tesla's share after the majority supported the sale.


The stock fell 12 percent on Tuesday in a multi-day sell-off that put the company's standing as one of the more than $1 trillion companies at risk, but the stock rose 4.3 percent on Wednesday.


The sale gave Musk large reserves of cash, as his wealth is linked to his stakes in Tesla and SpaceX, and he does not receive a financial wage or salary for her work in them.


Although Tesla lost nearly $150 billion in market value this week, retail investors were net buyers of the stock, netting $157 million on Monday and Tuesday, according to Vanda Research.

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