Tesla, the industry leader in electric automobiles, has been producing substantial gains for its investors as of late. About 10 years after making a bold prediction about Tesla in a tweet, Elon Musk has reportedly started unloading his holdings. Last week, Elon Musk sold more than $3.5 billion worth of stock.
Elon Musk, who just acquired Twitter and has dedicated himself exclusively to social media, will presumably take Tesla in an unexpected direction. Forbes analyzed data from the US Securities and Exchange Commission (SEC) and found that Musk sold 22 million Tesla shares in a single week. Musk is mostly responsible for his riches since he owns around 25% of the company’s equity. Remember, however, that Musk does not get a cut of every Tesla share transaction. A quarter of the company is pledged as collateral for the debts it has gotten.
Is Elon Musk Stepping Down as Tesla CEO?
They were talking about how the famously wealthy individual was selling shares. Musk has been quoted as saying, “My money was the first to come in, and it’ll be the last to go.” Which he neglected to mention while addressing Tesla’s stockholders last year. It is still unclear what Musk’s ultimate goal is with Tesla. According to a report that has been circulating for a few days, Tesla CEO Elon Musk is about to resign. Tom Zhu Xiaotong, now the manager of Tesla China, is said to be promoted to the position of chief executive officer.
Tom Zhu Xiaotong, the current director of Tesla China, is rumored to be promoted to CEO. Mr. Zhu Xiaotong Tom has worked with Tesla China since 2014. And is known for being the driving force behind the establishment of Tesla’s Supercharger network in China, and seems to be gunning for Elon Musk’s job.
As soon as Xiaotong joined the company in 2014, he was promoted to the role of global vice president, and then to president of Tesla China. He also oversaw the Giga Shanghai project and Tesla Service Centers in China. So, what do you think about this issue? Below, you’ll find a Comments area where you may voice your thoughts on the matter.
In recent times, investors in Tesla, the electric vehicle market leader, have seen significant returns on their capital. Elon Musk is apparently selling off his Tesla shares, around 10 years after making a bold prediction about the company in a tweet. Elon Musk made a stock sale last week that was worth more than $3.5 billion.
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