Why is Elon Musk selling Tesla shares? It turned out that Musk sold 3.5 billion dollars in one week.
Electric car giant Tesla has made its shareholders big money in recent years. It was seen that Elon Musk, who promised Tesla in a tweet about 10 years ago, started selling his shares. It turned out that Elon Musk sold more than 3.5 billion dollars in shares during the week.
Elon Musk sold 22 million Tesla shares
Unexpected moves are coming for Tesla from Elon Musk, who turned all his radar to social media after buying Twitter. Analyzing the US Securities and Exchange Commission (SEC) reports, Forbes realized that Musk disposed of 22 million Tesla shares in one week.
Musk, who holds about a quarter of the shares of the electric car giant, owes his fortune largely to Tesla. However, it should not be ignored that Musk does not make money from every Tesla share he sells. He uses his 25 percent stake in the company as collateral for the loans he receives.
The famous billionaire’s sale of shares also aroused curiosity among investors. In a 2013 tweet, Musk said, “I forgot to say one thing at Tesla’s annual shareholder meeting: It was my money that went in first, and it will be the last to come out.”
While this week’s sale is noteworthy, it is not the first time Musk has sold Tesla shares. At the beginning of the year, he disposed of over $15 billion worth of Tesla shares. However, these shares were used for the purchase of Twitter.
It is not yet clear what Musk is trying to do at Tesla. A claim that emerged recently indicated that Elon Musk would leave Tesla CEO. It was stated that Tom Zhu Xiaotong, the director of Tesla China, will head the global company.
