Elon Musk sells $3.6B worth of shares in Tesla

 

Elon Musk

Elon Musk, the CEO of Tesla and Twitter, has sold another 22 million shares of Tesla, worth around $3.6 billion, according to a filing with the United States (US) financial regulator.

The Tesla shares were sold on Monday, Tuesday and Wednesday, according to the filings with the Securities and Exchange Commission. Over the past year, Musk sold almost $40 billion of Tesla shares.

After Musk’s Twitter takeover in October 2022, he told Twitter employees that he sold Tesla shares to “save” their business. Musk sold parts of his sizable holdings in Tesla after he agreed to buy Twitter for $44 billion. After the Twitter takeover, Musk also appointed himself CEO of the social media company.

Musk, who is also CEO of SpaceX, a major defence contractor, has also lost his position as the world's richest person. He lost his title as the world's richest person to Bernard Arnault, the chief executive officer (CEO) of luxury brand Louis Vuitton's parent company LVMH. According to both Forbes and Bloomberg, Musk’s net worth is $174 billion and Arnault's net worth stands at almost $191 billion.

Tesla shares have been declining this year, especially after Musk's buyout of Twitter. Investors have also said that demand for Tesla’s electric cars may slow.

Last month, Musk sold 19.5 million of his shares in Tesla in a transaction worth $3.95 billion. On Wednesday, the value of Tesla shares listed on the Nasdaq index in New York closed below $500 billion. Tesla shares closed down 2.6% on Wednesday at $156.80.

Musk’s wealth plunged $100 billion this year as Tesla was one of the worst-performing stocks among major carmakers. The decline in the stock price of Tesla affected Musk’s wealth.

Musk was focused on Twitter because he warned that the social media company may lose billions of dollars next year. 

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