Tesla Stock Continue To Dip As Elon Musk Sells $3.58B Shares
Tesla CEO Elon Musk has sold an additional 22 million shares in the electric vehicle manufacturer for $3.58 billion. A report submitted to a US financial regulator states that the shares were sold on Monday, Tuesday, and Wednesday of this week.
The most recent sale, Mr. Musk’s second since his $44 billion acquisition of Twitter in October. It brings the total amount of Tesla shares the billionaire has sold over the past year to close to $40 billion.
Elon Musk still owns 13.4% of shares
It brings Mr. Musk’s sales of Tesla stock over the past year to a total of almost $40 billion. The most recent share sales’ motivation is unknown. Recent data reveals that he now holds 13.4% of the world’s most valuable automaker’s shares of Tesla.
Shares of Tesla have fallen more than 60% in 2022 due to investor worries that Elon Musk’s acquisition of Twitter may cause him to spend less time working on Tesla. As a result, the company has had one of the worst years for stock performance among major automakers and tech companies.
Last night, the stock fell to its lowest level in over two years. According to the filing, Mr. Musk, who recently lost his position as the richest person in the world, sold shares over the course of three days between Monday and Wednesday.
The most recent share sale occurred a month after Musk sold $4 billion worth of Tesla stock just days after concluding the Twitter agreement.
Tesla shares performed the worst this year
Investors are concerned that Elon Musk’s acquisition of Twitter is taking his focus off Tesla. However, it is one of the worst-performing stocks among major automakers and tech firms this year.
For the first time since 2020, the value of Tesla shares traded on the New York market’s heavily weighted Nasdaq index. It closed below $500 billion on Wednesday. The company had a value of more than $1 trillion at the end of last year, but in recent months, its value has declined.
Also Read: Elon Musk Hints Of Building Payment App To Compete With PayPal
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