The billionaire sold about 640,000 shares of Tesla stock collectively valued at approximately $687 million, according to the filings. Earlier in the week, Musk sold stock valued at approximately $5 billion.
In total, Musk has sold 5.1 million shares valued at roughly $5.69 billion this week. The transactions amounted to roughly 3% of his stake in Tesla, according to Reuters.
Tesla shares declined nearly 3% in trading Friday. The company’s stock has fallen about 10% for the week, though shares are still up more than 40% so far this year.
The market selloff began earlier this week after Musk posted a Twitter poll asking his followers whether he should sell 10% of his Tesla shares. Musk has indicated he will use some of his proceeds to cover his tax bill from exercised stock options.
Musk is one of the world’s richest people, with a personal net worth of more than $271 billion, according to Forbes.