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Tesla Stock Continues to Fall as Elon Musk sells $3.58B shares

Tesla CEO Elon Musk sold 22 million more shares in the electric vehicle manufacturer to raise $3.58 billion. According to a report submitted by a US financial regulator, the shares were sold on Mondays, Tuesdays, and Wednesdays this week.
This is Mr. Musk’s latest sale since October’s $44 billion acquisition Twitter. This brings the total number of Tesla shares sold by Musk to close to 40 billion.

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This brings Mr. Musk’s Tesla stock sales to almost $40 billion over the past year. The motivation for the most recent share sale is not known. Recent data shows that he holds 13.4% of Tesla’s most valuable shares.
Tesla shares have dropped more than 60% due to investor concerns that Elon Musk’s acquisition by Twitter could cause him to spend less time on Tesla. The company’s stock performance has been poor among tech companies and major automakers.
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The stock dropped to its lowest level in more than two years last night. According to the filing, Mr. Musk sold shares in three days, Monday through Wednesday, after he lost his position as the world’s richest person.
Musk had just days before the Twitter deal was concluded that he had sold $4 billion worth Tesla stock.

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The worst year for Tesla shares
Investors are worried that Elon Musk’s acquisition Twitter will divert his attention from Tesla. It is, however, one of the worst performing stocks among major tech companies and automakers this year.
The value of Tesla shares traded on New York’s Nasdaq index for the first time since 2020. It closed at $500 billion on Wednesday. Although the company was valued at more than $1 trillion at its end last year, its value has fallen in recent months.
Also read: Elon Musk suggests building a payment app to compete with PayPal

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