Musk sells nearly $7 billion worth of Tesla shares this week

FILE PHOTO: SpaceX founder and Tesla CEO Elon Musk looks on as he visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021. REUTERS/Michele Tantussi/File Photo

(Reuters) -Tesla CEO Elon Musk offloaded a combined $6.9 billion worth of shares in the electric car company this week, taking advantage of a meteoric rally that vaulted the firm's value to over $1 trillion.

The billionaire sold 1.2 million shares held by his trust for more than $1.2 billion on Friday, the latest in a flurry of his stock transactions, according to a U.S. securities filing released later in the day.