California Observer

Tesla: Musk sells $3.6bn worth of shares

Tesla

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Elon Musk has sold 22 million more shares in the electric car company Tesla. These shares were worth $3.58 billion.

According to a filing with the SEC, the shares were sold on Monday, Tuesday, and Wednesday this week.

It means that Mr. Musk has sold almost $40bn worth of Tesla stock in the past year.

This week, Mr. Musk stopped being the wealthiest person in the world.

Still waiting to be discovered is why the most recent shares were sold.

According to financial market data company Refinitiv, he still owns the most shares of Tesla with a 13.4% stake.

Last month, Mr. Musk said he had sold 19.5 million shares of Tesla worth $3.95 billion. This was just a few days after he bought Twitter for $44 billion.

This year, Tesla’s stock has been one of the worst performers among big car and tech companies. In addition, investors are worried that Elon Musk’s purchase of Twitter will take him away from his work.

Wednesday was the first time since 2020 that the value of Tesla shares on the technology-heavy Nasdaq index in New York closed below $500 billion.

The company was worth more than $1tn at the end of last year, but its value has dropped in recent months.

In October, Mr. Musk finished taking over Twitter. Since then, he has spent much time working on the business.

Mr. Musk sold Tesla shares worth billions of dollars to help pay for his purchase, which decreased the shares.

The Twitter deal didn’t go through until after months of legal battles, and some people think that the distraction of the takeover is another reason why Tesla’s stock price has dropped.

Investors have also been worried that the company’s electric cars might not sell as well if the economy gets worse and interest rates go up. As a result, other companies have started making more electric cars.

Tesla has also had to deal with recalls, government investigations of crashes, and problems with its autopilot feature.

This week, Mr. Musk stopped being the wealthiest person in the world because the value of his Tesla shares dropped sharply this year.

Both Forbes and Bloomberg say that Bernard Arnault, the CEO of the luxury goods company LVMH, took over the top spot.

Forbes says that Mr. Musk’s wealth is now $174bn, and Mr. Arnault’s is almost $191bn.

Elon Musk has previously sold Tesla shares

Elon Musk, the CEO of Tesla, sold about $8.5 billion (£6.8 billion) of shares in the company in April. This was just a few days after he agreed to buy Twitter.

People thought the sale would help him pay for his $44 billion plan to buy out the social media platform.

People thought that Mr. Musk would sell part of his stake in the car company to pay for the deal, which caused Tesla shares to drop sharply.

Even though he said in a tweet that he had no plans to sell any more shares in the company that makes electric cars, he did.

This week, Mr. Musk sold 9.6 million Tesla shares, according to documents filed with the US Securities and Exchange Commission. The person with a lot of money still owns more than 15% of the business.

This was his first sale of Tesla shares since November and December last year, when he sold $16.4 billion worth of stock.

That happened after he asked the nearly 89 million people who follow him on Twitter if he should sell 10% of his stake in the company that makes electric cars.

Since Mr. Musk said earlier this month that he had bought a 9.2% stake in Twitter, Tesla’s shares have dropped by about 20%.

Read Also: Elon Musk gives Twitter employees ultimatum

Mr. Musk said he would put $21 billion of his own money into the $44 billion deal to help pay for it.

He also owns over 40% of the rocket company SpaceX, worth an estimated $100 billion.

Mr. Musk’s deal with Twitter didn’t go through until after months of legal battles, and some people say that the distraction of the takeover is one reason why Tesla’s share price has dropped.

After putting money into Twitter at the beginning of the year, Mr. Musk made his $44 billion offer in April, but many people thought it was too high.

He attempted to pull out of the deal in July because he was worried about the number of fake accounts on the platform.

In the end, Twitter executives went to court to make Mr. Musk keep his promise.

Dan Ives from the investment firm Wedbush Securities said that the “circus” around the Twitter deal had hurt Tesla’s share price.

Mr. Musk sold Tesla shares worth billions of dollars to help pay for his purchase, which decreased the shares.

Investors have also been worried that the company’s electric cars might sell better if the economy worsens and interest rates go up. As a result, other companies have started making more electric cars.

Tesla has also had to deal with recalls, government investigations of crashes, and problems with its autopilot feature.

Opinions expressed by California Observer contributors are their own.

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Opinions expressed by California Observer contributors are their own.