After the fresh share sale, according to a form filed with the US Securities and Exchange Commission (SEC), Musk now owns about $66 billion worth of Tesla stock.
San Francisco: Elon Musk has sold over 20 million more Tesla shares worth about $3.5 billion and did not provide any reason for selling more stock in the electric car company. Since November 2021, Musk has sold more than $39 billion of Tesla shares.
After the fresh share sale, according to a form filed with the US Securities and Exchange Commission (SEC), Musk now owns about $66 billion worth of Tesla stock.
In April this year, the new Twitter CEO sold off $8.5 billion worth of Tesla stock while in August, he offloaded another $7 billion shares.
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The share sale comes at a time when Tesla investors have raised concerns over Musk’s $44 billion Twitter acquisition, saying his 24/7 involvement with the micro-blogging platform is “detrimental to Tesla,” reports TechCrunch.
Tesla stock has nosedived 60.8 per cent since January this year, and traded at $156.80 after hours on Wednesday.
According to industry analysts, “the fresh stock sell is Musk’s answer to some of the high interest debt
he’s paying on his $44 billion Twitter deal”.
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Twitter took on $13 billion in debt as part of that deal, including about $3 billion of unsecured debt on which Twitter pays an interest rate of 11.75 per cent, said the report.
Meanwhile, Musk, who saw his net worth tumble by more than $100 billion in 2022, has been replaced by Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, as the world’s richest man.
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China’s BYD Auto is now the global market leader, shipping more than 537,000 EV units — an increase of 197 per cent (on-year) — in the third quarter this year, leaving Elon Musk-run Tesla far behind globally.
