Elon Musk Sells $3.6bn Of Shares In Electric Car Maker Tesla
By : thoughtfulnews.com
Updated At : 15,December , 2022
Billionaire Elon Musk has sold another 22 million shares in electric car maker Tesla. Stocks were sold on Monday, Tuesday and Wednesday this week, according to filings with US financial regulators. That brings the total number of Tesla shares Musk has sold over the past year to nearly $40 billion. Earlier this week, Mr. Musk lost his position as the world’s richest person.
The reason for the recent share sale was not disclosed. He remains Tesla’s largest shareholder with a 13.4% stake, according to financial market data provider Refinitiv. Last month, shortly after his $44 billion acquisition of social media platform Twitter, Musk announced that he had sold 19.5 million shares of Tesla stock for $3.95 billion.
Tesla is one of the worst performing stocks among major car makers and technology companies this year, as investors worry that Mr Musk’s buyout of Twitter is diverting his attention.
On Wednesday the price of Tesla stocks indexed at the technology-heavy Nasdaq index in New York closed below $500bn for the primary time considering the fact that 2020. At the give up of ultimate 12 months the business enterprise changed into really well worth greater than $1tn however its price has slumped in latest months. Mr Musk finished the takeover of Twitter in October and considering the fact that then has targeted a good sized quantity of his time at the business.
Tesla has also been hit by recalls and government investigations into the crash and its Autopilot feature.
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He was overtaken by Bernard Arnault, his CEO of luxury goods group LVMH, according to Forbes and Bloomberg. According to Forbes, Musk’s fortune is now at $174 billion, while Arnaud’s net worth is nearly his $191 billion.