Elon Musk sold another 1.2 million Tesla shares – $7 billion sold last week


Elon Musk on chip shortage

The latest documents from the US Securities and Exchange Commission (SEC) show that on Friday, Elon Musk sold 1.2 million Tesla shares again. He takes home over $1.2 million from the sales.Ā This part of the stock is held by Musk’s trust fund. Affected by this, Tesla fell more than 15% this week, the largest weekly decline since March 2020. Furthermore, its market value evaporates by $189.5 billion last week. On Friday, Tesla shares closed at $1033.42 per share. Since the beginning of this year, Tesla’s stock price has risen by more than 46%.

Elon Musk

This is the latest in a series of stock transactions that Musk has conducted this week.Ā The SEC’s previous documents show that Musk’s trust fund sold 4.434 million shares on November 9 valued at approximately $5 billion.

On November 11, Musk sold 639,737 shares worth approximately $680 million through multiple transactions. In addition to the 1.2 million shares sold on November 12, Musk sold a total of about 6.36 million Tesla shares last week, with a total value of nearly $7 billion.

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Elon Musk sells over 6 million shares last week

According to a recent poll, Elon Musk is to sell 10% or 17.05 million of Tesla’s shares. So far, he has soldĀ 6.36 million shares last week which accounts forĀ 30% of his commitment to sell. Next, Musk also needs to sell about 10.69 million Tesla shares.

Last week’s large-scale sell-off is also the first time Musk has sold Tesla stock since 2016. Measured by the standards of the capital market, Musk’s stock divestment is so large that it even dwarfs the IPOs (initial public offerings) of most companies.

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To this end, Musk’s selling action also caused some market concerns.Ā Some investors believe that the stock sale, coupled with Tesla’s high valuation, may indicate that the upward trend of its stock price is about to end.Ā However, some analysts pointed out that with reference to the selling records and stock price trends of the founders of companies such as Amazon, Microsoft and Facebook, Musk’s dumping of some of the company’s stock will not drag Tesla’s stock price in the long run.

As of November 10, after Musk sold $5 billion in Tesla shares, he was still Tesla’s largest single shareholder, holding approximately 15.5%.Ā In contrast, Amazon founder Jeff Bezos holds approximately 14% of Amazon’s shares, while Mark Zuckerberg owns approximately 14% of Facebook’s parent company, Meta.

Musk’s poll on Twitter shows thatĀ 57.9% of users want Musk to sell his shares – perhaps Musk expected a different outcome. One way or another, not everyone supported him in such an undertaking.

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