Elon Musk’s sale of $3.95 billion in Tesla Inc stock. prolonging a tough period for investors in the electric carmaker, whose market value has halved in the past year.
Elon Musk’s sale of $3.95 billion in Tesla Inc stock. prolonging a tough period for investors in the electric carmaker, whose market value has halved in the past year after being tied up by the takeover of Twitter Inc. by Musk.
While Tesla The director has repeatedly said that he has finished selling the shares, the latest sale bringing the total proceeds to about $36 billion. Musk began delisting his holdings a year ago, when his Twitter followers backed him to trim his stake in response to a poll. He still owns about 14%, according to Bloomberg data.
Mark Taylor, a sales trader at Mirabaud Securities, said: “Musk sold shares again after saying he wouldn’t be able to leave open the next door people would think of.
Tesla has fallen for three straight months, and November proved even worse, with the stock down 16% so far and to a 17-month low. Its Relative Strength Index is back into oversold territory and the stock has lost $600 billion in market capitalization since peaking last November.
It at least held steady in US pre-market trading on Wednesday, up about 1%.
