Elon Musk has sold around $1.1bn (£820m) of shares in the electric carmaker.

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Tesla chief executive Elon Musk has sold around $1.1bn (£820m) of shares in the electric carmaker.

Tesla is the world’s most valuable carmaker, with a stock market valuation of more than $1tn. Mr Musk sold more than 930,000 shares in the company, about 0.5% of his stake, according to filings with US stock market regulator. The documents also showed that the sales were made based on a pre-arranged trading plan set up in September, long before Mr Musk’s social media posts at the weekend about selling some of his shares.

Mr Musk also highlighted that he is not paid in cash by Tesla: “I only have stock, thus the only way for me to pay taxes personally is to sell stock.”

It was his first sale of shares since 2016, when he last exercised stock options. At the time he also sold some of the shares to cover an income tax bill of close to $600m.

Mr Musk still holds more than 170 million shares in Tesla and has a personal fortune estimated to be more than $280bn.

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