Saturday, December 4

Elon Musk sells more shares to take advantage of Tesla’s big moment

The second round of strong stock sales this week comes a few days after the world’s richest person and Tesla’s largest shareholder He tweeted that he would sell 10% of his shares if users of the social media platform approved the measure.

Musk disclosed the additional stock sale, which was worth $ 687 million, in a filing with the regulator after divesting $ 5 billion worth of papers earlier in the week.

The stock sale, which marked the first time Musk has divested a stake of that size since the electric carmaker was founded in 2003, was very large by capital market standards, more important than initial public offerings. of most companies.

Shares of Tesla fell 1.6% to $ 1,044 in early trading for the day and were heading for their first weekly decline in 12 weeks.

“Tesla investors are exhausted after the roller coaster they have been on. I don’t expect a big shock to the stock price after what we’ve already been through.” said Fiona Cincotta, senior markets analyst at City Index in London.

So far this week, Tesla has lost $ 157 billion in market value, more than the combined market capitalizations of Ford Motor Co and General Motors Co. Despite these losses, Tesla remains the most valuable American automaker.

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