Elon Musk, CEO of Tesla, has reportedly sold another 22 million shares of the electric vehicle company, bringing his total share sales to date to roughly 44 million, or $3.6 billion. According to SEC documents, the deals were made this week between Monday and Wednesday.
Musk informed his millions of social media followers earlier this year that “no further TSLA sales planned” after April 28. So far this year, Musk has reportedly sold 94,202,321 shares at an average price of $243.46 a share, netting him approximately $22.93 billion before taxes.
VerityData director of research Ben Silverman emailed CNBC on Wednesday, saying, “Musk’s earlier sales going back to November 2021 were masterfully timed, so Tesla shareholders need to pay heed to Musk’s deeds and not his words – or lack thereof, in this case.”
Despite agreeing to a $44 billion deal to acquire Twitter, he kept selling off chunks of his large Tesla stake. In late October, the acquisition was finalized. Musk, who also runs the aerospace and military firm SpaceX as CEO, quickly assumed leadership of the social media company.
Musk reportedly told Twitter staff after his takeover that he had sold shares of Tesla to “rescue” the company. The request for comment sent to Musk was not met with an immediate response. Since he assumed this role, Tesla’s stock price has fallen much further than it already had been falling this year.
Wednesday’s 2.6 percent decline in Tesla stock price brought the company’s market valuation down to $495 billion from its previous $520 billion. As of the closing of trading on Wednesday, Tesla shares were down 55.1% year to date.
It has been claimed that Tesla CEO Elon Musk has sold an additional 22 million shares, increasing his total share sales to date to about 44 million, or $3.6 billion. The transactions, as evidenced by SEC filings, took place between Monday and Wednesday of this week.
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