Elon Musk Sells Tesla Stock Worth $3.85 Billion, US SEC Filing Shows

Twitter's new CEO Elon Musk has sold nearly $23 billion worth of Tesla stock since April.

By Associated Press | Updated: 15 December 2022 16:31 IST

Elon Musk Sells Tesla Stock Worth $3.85 Billion, US SEC Filing Shows

Photo Credit: Reuters

Elon Musk is said to have spent much of his recent time running Twitter

Highlights

Elon Musk has sold nearly $23 billion worth of Tesla stock since April
His net worth has fallen down to $174 billion
Wedbush analyst calls Elon Musk "villain" in the eyes of Tesla investors

Elon Musk sold another $3.58 (roughly Rs. 29,625 crore) billion worth of Tesla stock this week, but it wasn't clear where the proceeds were being spent.

The Tesla CEO, and new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the US Securities and Exchange Commission.

Musk has sold nearly $23 billion (roughly Rs. 1,90,600 crore) worth of Tesla stock since April, with much of the money likely going to help fund his $44 billion (roughly Rs. 3,49,060 crore) acquisition of Twitter.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock.

The falling shares have bumped Musk from his status as the world's wealthiest person, with his net worth falling to $174 billion (roughly Rs. 1,44,000 crore), according to Forbes. He was passed last week by French fashion and cosmetics magnate Bernard Arnault.

The takeover of Twitter has not been smooth, and some big companies have halted advertising on the social media platform. Musk has said that Twitter had “a massive drop in revenue" due to the advertiser losses.

Tesla Delivers First Semi Truck to PepsiCo After 3-Year Delay

Investors have been punishing Tesla stock of late as Musk has spent much of his time running Twitter, raising fears that he's distracted from the car company.

Wedbush analyst Dan Ives said Musk is now a villain in the eyes of Tesla investors. He said Tesla's fundamentals remain healthy but his behavior with Twitter is hurting the company's brand. “The Twitter overhang is a nightmare that is growing with no one but Musk to blame,” Ives wrote in an email.

Tesla Safety at Centre of Trial Over Fiery, Fatal Crash in South Korea

A message was left with Tesla Wednesday night seeking comment on the stock sale.

What are the best smartphones you can buy in India in 2022? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.