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Tesla CEO Elon Musk has sold some of his stake in the electric car maker to satisfy tax obligations related to exercising stock options.
Musk sold about $1.1 billion worth of Tesla shares as he exercised stock options valued at roughly $2.5 billion, according to a regulatory filing from the company late on Wednesday.
The electric car maker's stock rose 2 percent after the bell on the news, helping to offset a multiday sell-off that had endangered the company's position in the $1 trillion club.
It comes after Musk on Saturday polled Twitter users about selling 10 percent of his stake, setting off worries that such a sale could hurt Tesla's share price.
Tesla CEO Elon Musk has sold some of his stake in the electric car maker to satisfy tax obligations related to exercising stock options
Musk vowed to abide by the result of the Twitter poll, in which 58 percent voted in favor of him selling the shares.
In Wednesday's trading session Tesla recovered 4.3 percent to $1,067.95 after shares dropped sharply over the Twitter poll.
'Following the bizarre Twitter poll Musk put out over the weekend on his 10 percent ownership stake to be sold, it appears Musk walked the walk and thus has started selling
