On Saturday, Mr Musk posted a Twitter poll asking his followers to vote on whether he should sell part of his stake in Tesla to meet his tax obligations.
The poll attracted more than 3.5 million votes, with nearly 58% voting in favor of the share sale.
Following the Twitter poll, shares of Tesla slumped more 15% over Monday and Tuesday, before rebounding more than 4% on Wednesday.
According to BBC, Mr Musk's trust sold almost 3.6 million shares in Tesla, worth around $4bn.
He also sold another 934,000 shares for about $1.1bn after exercising options to acquire nearly 2.2 million shares, according to filings with the US stock market regulator.
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