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Elon Musk, the CEO of Tesla and SpaceX, has reportedly sold around $36 billion worth of TSLA stock since November 2021. This is surprising news, as Musk had previously stated that he would not be selling any more of his TSLA shares.
Many are speculating that the reason for Musk’s sudden change of heart is to cover the costs associated with his recent acquisition of Twitter. The deal, which was finalized in November 2022, cost Musk a reported $44 billion. Additionally, with interest rates on the rise due to inflation, it is likely that Musk is looking to cover the interest payments on the Twitter deal as well.
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Despite the sale of his TSLA stock, Musk remains the largest individual shareholder in the company. He still holds a significant amount of shares, which is estimated to be worth around $100 billion. Elon also lost almost a 100 billion dollars in 2022 due the drop in TSLA stock price.
It is unclear at this time how the sale of Musk’s TSLA stock will affect the company financially. However, some analysts are predicting that the move could potentially lead to a decline in the company’s stock price, which was observed on December 14, 2022, with the trading volume of TSLA stock increasing by more than 50% than usual.
BREAKING: Elon Musk sold 21,995,000 shares of $TSLA Monday through Wednesday, worth ~$3.58B, according to a new Form 4 filing tonight. @elonmusk
— Sawyer Merritt (@SawyerMerritt) December 15, 2022
Filing: https://t.co/YFrIoUpBhg pic.twitter.com/NHuTqhfETh
Regardless of the potential impact on Tesla’s stock price, it is clear that Musk’s decision to sell his TSLA shares is a significant one. The move comes as a surprise to many, given his previous statements about not selling any more of his TSLA stock.
Only time will tell what the long-term effects of Musk’s decision will be or if he has finally done selling his stake in Tesla. In the meantime, many are left wondering why he chose to sell his TSLA shares and what prompted the sudden change of heart.
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