On Tuesday, six US securities filings showed that Tesla Inc CEO Elon Musk had sold 7.92 million shares of the electric car maker, Tesla, worth $6.9 billion.

Earlier Friday, Tesla said its 3-for-1 stock split would begin trading on August 25 after the electric car maker’s shareholders approved the proposal at its annual meeting.

Shareholders in the electric car maker voted at the company’s annual meeting on Thursday to support the board’s recommendations on most issues, including re-electing directors and approving a stock split, while rejecting proposals to focus on the environment and governance.

The company said every shareholder registered on August 17 would receive an additional two-share dividend per share, to be paid after trading closes on August 24.

The new stock split comes two years after a 5-for-1 split helped bring down skyrocketing stock prices affordable for ordinary investors.

While a split won’t affect the company’s fundamentals, it could boost the stock price by making it easier for a broader set of investors to own the stock.

Tesla stock, which went public at $17 a share in 2010, rose to more than $1,200 in the final year after the 2020 split, giving the company a market value of more than $1 trillion.