The second round of hefty stock sales this week comes just days after the world's richest person and Tesla's top shareholder tweeted that he would sell 10% of his shares if users of the social media platform approved the move.
The electric-car maker's stock was down 3.3% at $1,028.89 on Friday afternoon.
Musk's trust sold 587,638 and 52,099 shares on Thursday in multiple transactions totaling about $687 million, according to two separate filings on Friday.
Earlier this week, Musk disclosed he had offloaded some $5.1 billion in Tesla stock. He has now sold about 3% of his shares, according to Reuters calculations.
The stock sales, which marked the first time that Musk cashed out on a stake of that size since the company was founded in 2003, were massive by capital market standards, bigger than the initial public offerings of most companies.
By getting Twitter users to green-light the move, he has blunted potential criticism of cashing out at a time when Tesla's valuation has become frothy and shares are at record highs.
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