Elon Musk

Elon Musk sells Tesla shares worth $3.58 billion

Reuters
Elon Musk sells Tesla shares worth $3.58 billion

ELON MUSK. Tesla Motors CEO Elon Musk introduces the falcon wing door on the Model X electric sports-utility vehicles during a presentation in Fremont, California, USA on September 29, 2015.

Stephen Lam/Reuters

The latest sale, Musk's second since his $44 billion purchase of Twitter in October, brings the total Tesla stocks sold by the billionaire to nearly $40 billion over the past year

Tesla Chief Executive Officer Elon Musk has sold 22 million shares worth $3.58 billion in the electric-vehicle maker this week, a US securities filing showed on Wednesday, December 14.

The latest sale, Musk’s second since his $44 billion purchase of Twitter in October, brings the total Tesla stocks sold by the billionaire to nearly $40 billion over the past year.

He now owns 13.4% of the world’s most valuable carmaker, according to Refinitiv data.

Investor concerns that Musk’s purchase of Twitter could divert his time away from Tesla have driven down shares of the company more than 60% in 2022, making it one of the worst-performing stocks among major automakers and tech firms this year.

The stock hit its lowest in over two years last night.

Musk, who recently lost his title as the world’s richest person, unloaded shares over three days between Monday and Wednesday, according to the filing.

Tesla did not immediately respond to a Reuters request for comment outside business hours.

The latest share sale comes a month after Musk sold shares worth $4 billion in Tesla days after he closed the Twitter deal. – Rappler.com

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