According to a financial document that was released on Wednesday night, Tesla CEO Elon Musk sold over 22 million additional shares in his electric vehicle business. These shares had a value of approximately $3.6 billion.
According to the registrations that were made with the Securities and Exchange Commission this week, the transactions were carried out between Monday and Wednesday of this week.
At the beginning of this year, Elon Musk informed the millions of people who follow him on social media that after April 28 he had “no additional TSLA sales planned.”
After reaching an agreement to purchase Twitter in a transaction valued at approximately $44 billion, he began to unload some of the substantial stakes he had in Tesla.
BREAKING: Elon Musk just filed a Form 4 for his sale of Tesla $TSLA stock pic.twitter.com/2H073i5pVH
— StockMKTNewz – Evan (@StockMKTNewz) December 15, 2022
Late in the month of October, the acquisition was finalized. Musk, who is also the CEO of SpaceX, a major defense contractor, made himself CEO of the social media firm almost soon after it was founded.
Following Musk’s purchase of Twitter, he reportedly revealed to staff there that he had sold Tesla shares in order to “rescue” their company.
The price of Tesla shares has been going down all year, and they have gone down even further ever since he took on that additional obligation.
Wednesday’s trading session ended with a loss of 2.6% for Tesla shares, which brought the company’s total market valuation down to $495 billion. As of the closing of trading on Wednesday, Tesla’s share price has dropped by 55% so far this year.
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