—Elon Musk has sold his shares in Tesla five times in 2022, totaling $27.43 billion.
—His actions has affected the stock price negatively, driving it down by significant margins.
—Musk is no longer the world’s richest man after his remaining shares in the EV company has gone down by over 60 per cent.
Elon Musk has been selling off portions of his shares in Tesla since he signaled interest in taking over Twitter and all year long, it has not stopped.
Recall that back in April, the tech billionaire had assured investors that there were no plans to sell more TSLA. Clearly, he meant ‘at the time’ because he has been dumping the shares all year long.
Here are five times Elon Musk sold his Tesla shares, and every time, it was linked to Twitter:
On April 28, the car company CEO put 5.23 million of his shares on several markets and they amounted to $4.5 billion at the time. It happened just after official reports came out that he was looking at acquiring Twitter. And the very next day, he sold more shares, which was calculated to be worth $8.5 billion.
On August 10, Musk sold more Tesla stock, worth $6.9 billion, in anticipation of being forced to complete the Twitter deal. If you followed the story, it was around this time that he attempted to pull out of the $44 billion buyout over claims of spam accounts.
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Then, after he decided to complete the Twitter deal than let the legal battle drag on, Musk sold an additional $3.95 billion worth of shares. He had been head of the new Twitter at the time for about a week and some days.
On December 15, several news outlets reported that he had sold another 22 million shares, which were now worth $3.58 billion. While it is not clear why he made this sale, there were rumours that he was owing the landlord for Twitter’s headquarter space and he was bringing in additional employees after mass firing several of them in the first few days as boss.
Looking at TSLA pricing history of 2022, since his April sales, the EV maker’s stock had only reached the same margin two times all year, at some points in the beginning of August and towards the end of September. However, the shares are now trading at their lowest points in the last two years. In January 2022, Tesla shares were worth $400 and in December, they were $157.
According to a Reuters report, Tesla investors were not happy with his actions on the stock market. To be fair, they’ve been raising alarm about his interest in Twitter. While Musk only has to worry about advertisers (and users) on Twitter, he has investors to worry about at Tesla.
Elon Musk is now no longer the richest man in the world as Bernard Arnault, the chief executive of luxury goods group LVMH, has overtaken him.
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