According to Friday's regulatory filings, Tesla CEO Elon Musk sold 639,737 shares of his trust in the electric vehicle company. This transaction was worth approximately $687 million.
The shares of the company fell more than 2% during early morning trading, and by about 15% over the past week.
This news comes just days after Musk and his trust had sold approximately $5 billion worth of stock.
Musk asked his Twitter followers if he should sell 10% off his Tesla stock before the sale. He said that he would monitor the results. About 58% of respondents supported the poll. Some shares were sold to meet tax obligations arising from the exercise of stock options.
Musk still holds more than 167,000,000 shares of Tesla.
Musk stated earlier this year that he would likely sell "a large block" of his options during the fourth quarter. Musk stated that his marginal tax rate will be more than 50% when his stock options at Tesla expire during a September appearance at Code Conference.
This report was contributed by Christine Wang and Lora Kolodny of CNBC.