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Tesla CEO Elon Musk has sold about 22 million more shares in his electric car business, valued at about $3.6 billion. financial filing I’m going out on Wednesday night. The trading took place between Monday and Wednesday this week, according to Securities and Exchange Commission filings.
Earlier this year, Musk addressed his millions of followers on social media, saying, “No further TSLA sales are planned.” After April 28th.
But he went on to sell some of his sizeable stake in Tesla after agreeing to buy Twitter in a deal worth about $44 billion. The acquisition he completed in late October. Musk, who is also his CEO at major defense contractor SpaceX, quickly became CEO of the social media company.
After Musk took over Twitter, he told employees there that he sold Tesla shares to “save” their business.
Tesla stock has fallen this year and has fallen further since he assumed that new responsibility.
Tesla shares fell 2.6% on Wednesday to close at $156.80, reducing the company’s market capitalization to $495 billion. As of Wednesday’s closing, Tesla’s shares are down 55% year-to-date.
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