The sale brings the total of Tesla stocks sold by
Mr Musk over the past year to almost $40bn
Multi billionaire Elon Musk has sold another 22 million shares worth 3.5 eight billion dollars. 2.9 billion pounds in the electric carmaker Tesla. The shares were sold on the Monday. Tuesday, and Wednesday this week, according to a filing with the US Financial regulator, it brings the total of Tesla stocks sold by mr. Musk over the past year to almost 40 billion dollars earlier this week.
Mr. Musk lost his position as the world's richest person
The reason for the latest share sales has not been Disclosed he remains Tesla's, biggest shareholder with a 13.4% steak according to financial Market data, provider Reef in itive last month. Mr. Mosque revealed that he had sold. Nineteen point. Five million shares of Tesla worth three point nine, five billion dollars just days after completing a forty, four billion dollar takeover of social media platform. Twitter Tesla is one of the worst performing stocks among major car makers, and technology companies this year, as investors worried that mr. Musk's by out of Twitter is diverting his Engine on Wednesday. The value of Tesla shares listed on the technology heavy NASDAQ index in New York close below 500 billion dollars for the first time since 2020. At the end of last year, the company was worth more than 1 trillion dollars. But its value has slumped in recent months mr. Moss completed the Takeover of Twitter in October and since then has focused a significant amount of his time on the business. Mr. Musk sold billions of dollars worth of Tesla shares to help fund his purchase which helped to push the shares down. Down the Twitter deal, was only completed after months of legal wrangling and some have cited the distraction of the Takeover as another Factor behind Tesla's share price.
Fall investors have also been concerned that demand for the company's electric cars may slow as the economy. Weakens higher borrowing costs discourage buyers and other companies, boost their electric vehicle offerings. Tesla has also been hit by recalls as well as Government probes of crashes. And it's autopilot feature this week, mr. Mosque lost his position as the world's. Just person after a sharp drop in the value of his shares in Tesla this year, according to both Forbes and Bloomberg. He was overtaken at the top spot by Bernard arnault, the chief executive of luxury, goods group lvmh, mr. Musk is now worth one hundred, seventy four billion dollars, mr. Arno's Fortune stands at almost one hundred ninety, 1 billion dollars.
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