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Home » Elon Musk sells $3.58 bln worth of Tesla shares for this

Elon Musk sells $3.58 bln worth of Tesla shares for this

Elon Musk sells $3.58 bln worth of Tesla shares for this

Tesla CEO Elon Musk reportedly sold 22 million shares in the electric vehicle maker for $3.58 billion, according to a regulatory filing. He sold 22 million shares of the world’s most valuable automaker over the course of three days, from Monday to Wednesday, according to a US securities filing.

Musk has sold 94,202,321 shares so far this year at an average price of $243.46 per share, according to financial data firm VerityData.

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Director of research for VerityData, Ben Silverman, wrote in an e-mail to CNBC on Wednesday, “Musk’s prior sales going back to November 2021 were expertly timed, so Tesla shareholders need to pay attention to Musk’s actions and not his words – or lack thereof when it comes to his recent selling.”

Tesla shares have been on a downward spiral for a year since assuming the new role and have taken a huge hit. Tesla’s market value declined to $495 billion on Wednesday after the company’s shares fell 2.6% to close at $156.80. As of Wednesday’s close, Tesla shares were down 55% so far this year.

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