Taxes aren't the only reason Tesla CEO Elon Musk is selling stock. CNBC's Robert Frank joins 'Squawk Box' to report. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi Tesla CEO Elon Musk’s trust sold about $1.2 billion in Tesla stock on Friday, according to financial filings posted Friday evening. He still holds more than 166 million shares in the company. Musk sold about $6.9 billion worth of stock in the company over the course of the week. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options. Those sales impacted the company’s share price. Tesla stock declined 15.4% for the week, marking the company’s worst one-week performance in 20 months. It was also the worst week for Tesla stock ever, excluding declines in February and March 2020 as the coronavirus pandemic sent markets tumbling. Tesla shares are still up around 46% year to date following a record closing price of $1,229.91 on Nov. 4, 2021. On Nov. 6, Musk asked his more than 60 million Twitter followers to vote in an informal poll and told them their vote would determine the future of his Tesla holdings. Financial documents filed during the week show that some were slated for sale this week no matter the outcome of the poll, however. Previously, Musk signaled that he was likely to sell “a huge block” of his options in the fourth quarter. At an appearance at the Code Conference in September, Musk said when his stock options expire at Tesla, his marginal tax rate would be over 50%. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV