Elon Musk offloads nearly $4 billion in Tesla stock as shares continue to tank

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John Hugh DeMastri, DCNF

Tech mogul Elon Musk sold 19.5 million shares in the electric carmaker Tesla — of which he is CEO — worth nearly $4 billion as the company’s shares continued to fall, according to a trio of filings with the Securities and Exchange Commission (SEC) that were made public Tuesday.

The selloff, which occurred between Nov. 4 and Nov. 8, comes roughly three months after an Aug. 9 tweet in which Musk pledged he would not make further sales of Tesla shares to fund his acquisition of Twitter, according to the Nov. 8 SEC filings. Tesla shares were down 2.93% on the day and 52.17% in 2022, but were down just 0.68% in after-hours trading at time of writing, according to Google Finance.

Previously, on April 28, 20222, Musk tweeted he had “No further [Tesla] sales planned after today,” following $8.5 billion in sales to fund the deal, but this did not prevent the tech mogul from executing a $6.9 billion selloff between Aug. 5 and Aug. 9.

 

Since 2021, Musk has sold roughly $41 billion in Tesla stock, and he remains the richest person in the world with a net worth of nearly $200 billion, according to CNBC.

Musk acquired Twitter for roughly $44 billion on Oct. 27 following a monthslong legal battle where the business mogul attempted to escape his contractual obligation to purchase the social media platform, eventually accepting investment capital from a variety of partners ranging from Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia and co-founder and former CEO of Twitter, Jack Dorsey.

After the previous round of sales between Aug. 5 and Aug. 9, Musk owned nearly 15% of Tesla, according to Reuters.

Tesla didn’t immediately respond to the Daily Caller News Foundation’s request for comment.

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