Not only to reduce tax payment and I also think he believes current price is hype n overvalued.

They are the market makers and retail investors are always in the losing end.  Also keep this in mind.

Musk has sold 79.09% of Tesla shares promised to sell

Tesla CEO Elon Musk exercised 2088955 options at the price of US $6.24 and sold 583611 Tesla shares
Musk has sold 79.09% of Tesla shares promised to sell

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