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Tesla CEO Elon Musk sold about 22 million shares of his electric vehicle company price about $3.6 billion. financial report outside on Wednesday night. The transactions took place Monday through Wednesday this week, in response to documents filed with the Securities and Exchange Commission.
Earlier this yr, Musk told his hundreds of thousands of followers on social media that he would “no further sale of TSLA planned” after April 28.
In line with research firm VerityData, Musk sold 94,202,321 shares at a median price of $243.46 per share this yr, earning pre-tax proceeds of roughly $22.93 billion.
VerityData Research Director Ben Silverman wrote in an email to CNBC on Wednesday: “Musk’s past sales stretch back to November 2021 so far as his most up-to-date sale is worried.”
Nonetheless, he continued to unload some of his substantial stake in Tesla after agreeing to purchase Twitter in a deal price around $44 billion. The acquisition was accomplished at the tip of October. Musk, who can be the CEO of SpaceX, a significant defense contractor, immediately appointed himself CEO of the social media company.
After Musk took over Twitter, he told employees there that he had sold Tesla shares to “save” their business.
Tesla shares are down this yr, and so they’ve been down much more since he took on this recent responsibility.
Tesla shares closed up 2.6% on Wednesday at $156.80, bringing the corporate’s market capitalization right down to $495 billion. Tesla shares are down 55% year-to-date from Wednesday’s close.