- Elon Musk has sold $40 billion worth of Tesla shares over the course of the past year. He has sold more shares of Tesla.
- The CEO of Tesla sells more than $3 billion in 22 million shares according to a regulatory filing
- The sales took place between Monday and Wednesday this week
Musk has managed to sell over $40 billion worth of Tesla stock in recent weeks.
After the recent news, Tesla’s stocks have fallen to half and it seems that it is not going to stop anytime soon. We will be tracking shares as they change over time.
Elon Musk, Tesla’s CEO, has been on a selling spree since April as he arranged to finance his $44 billion purchase of Twitter. Musk had tried to retract from the acquisition in July
The Tesla CEO sold almost 7.92 million shares in August, a few months after saying he would not be selling any more shares.
In October, Elon Musk finally completed the purchase of Twitter. The takeover was followed by the selling of Tesla stock worth almost $4 billion.
As of today, Tesla’s shares fell nearly 3% and are roughly down 60% year-to-date.
It was also reported that billionaire Elon Musk is no longer the richest person in the world.
On the real-time billionaires’ list by Forbes, Elon Musk now holds the title of the world’s second richest person after Bernard Arnault, the CEO of the French luxury giant named LVMH.
It has been reported that the takeover did not go smoothly and there are some big companies that have halted advertising on social media platforms. Owing to advertiser losses Twitter was faced with “a massive drop in revenue”, Musk stated.
As of late, investors are punishing Tesla stock as they perceive Mr. Musk spends most of his time running Twitter. It raises fear among them that Musk is distracted from his car company.
According to Dan Ives, Wedbush analyst, Elon Musk is now a villain in Tesla investors’ eyes. Ives said that the fundamentals of Tesla remain healthy and unharmed, however, Elon Musk’s behavior with Twitter is hurting the company’s brand. Ives wrote in an email stating, “The Twitter overhang is a nightmare that is growing with no one but Musk to blame.”