December 16, 2022: -Tesla CEO Elon Musk sold 22 million more shares in his electric vehicle business, worth nearly $3.6 billion, according to an existing filing out Wednesday evening.
According to the Securities and Exchange Commission filings, the transactions took place on Monday and Wednesday this week.
Musk told his millions of followers online this year that he had “no more TSLA sales planned” after April 28.
According to financial research firm Verity Data, Musk has sold 94,202,321 shares at an average rate of $243.46 per share for approximately $22.93 billion in pre-tax proceeds.
Director of research for Verity Data, Ben Silverman, wrote in an e-mail on Wednesday, “Musk’s sales going back to November 2021 were timed, so Tesla shareholders want to pay attention to actions and not his words or lack thereof when it is coming to his latest selling.”
Musk, also CEO of SpaceX, a significant defence contractor, immediately is appointing himself CEO of the social media company. However, he then keeps selling portions of his sizable holdings in Tesla and agrees to buy Twitter in a deal worth nearly $44 billion. The acquisition closed in late October.
After Musk’s Twitter takeover, he told employees he sold Tesla shares to “save” their business.
Tesla shares have been refusing this year and sliding further since he took on that recent responsibility.
On Wednesday, shares of Tesla closed down 2.6% at $156.80, dropping the firm’s market capitalization to $495 billion. Tesla’s sharing was down 55% year-to-date as of Wednesday’s close.