Musk sells nearly $4bn of Tesla shares
By Michele Maatouk
Date: Wednesday 09 Nov 2022
(Sharecast News) - Elon Musk has sold just under $4bn worth of Tesla stock after completing his $44bn takeover of social media platform Twitter.
According to filings by the US Securities and Exchange Commission, Musk sold 19.5m shares in the electric car maker between Friday and Tuesday for $3.95bn. The reason for the sale was not disclosed.
Since disclosing a stake in Twitter in the spring, Musk has sold nearly $20bn in Tesla shares.
Shares in the company are now down more than 52% year to date. Neil Wilson, chief market analyst at Markets.com, said: "Tesla shares were always going to come under pressure as Musk used his stock to fund the [Twitter] purchase."
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