Tesla's market valuation has dipped below $1 trillion after CEO Elon Musk sold another $906 million worth of shares in the company.
Shares of Tesla dropped more than 3 percent on Tuesday after regulatory filings showed that Musk offloaded another 934,091 shares to cover taxes on the exercise of nearly $2 billion worth of stock options.
Monday's trade was part of a pre-arranged trading plan set in place on September 14, but comes amid a broader sale of shares after Musk pledged to sell off 10 percent of his stake after conducting a Twitter poll.
The richest man in the world is now more than halfway to selling off 10 percent of his holdings, and has sold a total of $12.7 billion worth of stock since last month.
Tesla's market valuation has dipped below $1 trillion after CEO Elon Musk sold another $906 million worth of shares in the company
Tesla shares have fallen more than 23 percent from their peak in early November, and were trading at around $938 on Tuesday afternoon
Musk, who is also the founder and CEO space exploration company SpaceX, recently passed Amazon founder Jeff Bezos as the world's wealthiest person as the rising price of Tesla pushed his net worth to around $300 billion.
But Tesla shares have fallen more than 23 percent from their peak in early November, and were trading at around $938 on Tuesday afternoon.
At that level, Tesla's market capitalization was around $943 billion after surpassing $1 trillion earlier this year.
On November 6, Musk posted a Twitter poll asking whether he should sell 10 percent of his stake in the company, which would be worth about $20 billion, and vowed to abide by the results in favor of the sale.
Musk faces an August deadline to exercise options on 23 million shares which were granted in 2012. August is also the deadline to pay taxes
