Musk visited the construction site of the gigafactory in Germany on May 17, 2021.
According to financial filings posted this week, Musk sold about $1 billion in stock on Tuesday. The options were set to expire in 2022.
Musk has sold a total of $9.85 billion in stock in the company this month. Some of the shares were sold to satisfy tax obligations.
Musk and his trust still own 169 million shares of the company.
The week ended Nov. 12 was the worst for the stock since Musk began selling shares. On Wednesday, shares of the company were up 1%.
Musk asked his more than 60 million followers if he should sell 10% of his stock. Users told Musk to sell.
Earlier this year, Musk said he was likely to sell a huge block of his options in the fourth quarter. He said at the Code Conference that his marginal tax rate would be over 50% when his stock options expired.
CNBC's Lora Kolodny contributed to the report.
You can subscribe to CNBC on the internet.
The week ended Nov. 19 was the week in which shares ofTesla fell.