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Elon Musk sells Tesla shares worth $3.58 billion

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

Elon Musk now owns 13.4 per cent of the world’s most valuable carmaker.
Elon Musk now owns 13.4 per cent of the world’s most valuable carmaker.

By Reuters

Published: Thu 15 Dec 2022, 4:10 PM

Tesla Inc 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.

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 per cent 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 per cent 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. — Reuters


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