Tesla shares fell 12.4% to $156.8 a share in the three sessions in which the billionaire sold them.
American businessman Elon Musk sold Tesla Inc shares worth $3.58 billion between December 12 and 14, according to data from the US Securities and Exchange Commission (SEC), MarketWatch reports.
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It is indicated that between December 12 and 14, Musk sold 22 million shares of the company. At the same time, Tesla’s shares fell in price following the results of three sessions, where the billionaire sold them, by 12.4%, at $156.8 per share.
This isn’t the first time Musk has cut his stake in Tesla. In early November, he sold 19.5 million shares, raising about $3.95 billion.
Even earlier, in late 2021 and early 2022, Musk received approximately $ 31.81 billion for the sale of Tesla’s stock, according to Dow Jones Market Data Group.
Market analysts believe Musk is being forced to sell Tesla shares because of the deal to buy Twitter Inc. for $44 billion, closed at the end of October. The businessman closed the deal with part of his own money. It also raised loan financing from banks and partners, including Morgan Stanley.
Recall that Tesla shares have fallen in price by nearly 40% since the end of September. And the company’s market capitalization dropped below $500 billion for the first time since November 23, 2020.
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Source: korrespondent
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