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Tesla CEO Elon Musk sold about 22 million more shares in his electric vehicle business, which were value around $3.6 billion, in line with a financial filing out Wednesday night. The transactions took place between Monday and Wednesday this week in line with the filings with the Securities and Exchange Commission.
Earlier this yr, Musk told his thousands and thousands of followers on social media that he had “no further TSLA sales planned” after April 28.
Nevertheless, he continued to sell portions of his sizable holdings in Tesla after agreeing to purchase Twitter in a deal value around $44 billion. The acquisition closed in late October. Musk, who can be CEO of SpaceX, a serious defense contractor, immediately appointed himself CEO of the social media company.
After Musk’s Twitter takeover, he told employees there that he sold Tesla shares to “save” their business.
Tesla shares have been declining this yr, and sliding even further since he took on that latest responsibility.
Shares of Tesla closed down 2.6% on Wednesday at $156.80, dropping the corporate’s market capitalization to $495 billion. Tesla shares were down 55% year-to-date as of Wednesday’s close.
This can be a developing story. Please check back for updates.
