It looks like Elon Musk isn’t done making headlines today. It would appear that the now Twitter CEO has sold close to $4 billion worth of Tesla (TSLA) stock since last Friday, November 4, 2022. The sell-off took place over a three-day period where his TSLA stock would have sold between $189.57 and $219.90 a share.
four billion dollars— The Chancery Daily (@chancery_daily) November 9, 2022
three days of selling
one twitter debt serve
and a partridge in a pear tree https://t.co/17ZiMHznBp
The sheer number of Musk’s TSLA share sales were noticed by Twitter user @chancery_daily, and filings on Tesla’s own investor relations website seem to verify that Musk did indeed sell $4 billion worth of stocks between November 4 through November 8. Musk however, wasn’t the only one selling off stock though. Tesla CFO Zachary Kirkhorn also sold a number of shares on Friday November 4, 2022. An SEC Form 4 shows that Kirkhorn sold 3750.75 shares for $222.5 a piece, equating to a little over $834,000 USD.
Previously, Musk has stated via Twitter that his money is the first in and will be the last out of Tesla. He’s also used the social media platform that he recently became the owner of to run a poll asking whether or not he should sell Tesla shares. It’s hard to say what his most recent selloff means for either company, but it is worth noting.
Musk has also said in the past that there were no further plans to sell more TSLA stock. While plans can change, this recent sale – after the purchase of Twitter for $44 billion using TSLA stock as collateral – seems as though Musk is using the success of Tesla to pay off this astronomical Twitter debt. This has seemingly applied pressure to the share price of Tesla with the stock down almost $30/share since Friday.
The Twitter and Tesla CEO has gone to other extreme measures in a bid to make Twitter profitable. Recently, Musk introduced an $8/month fee to have a blue checkmark, fired thousands of staff, and there are reports that Twitter will cut $1 billion in infrastructure costs.
We’ll be sure to keep you updated on what Musk does next as he tackles the tricky problem of owning Twitter. Tesla has also just released its Q3 2022 earnings report which you can read about on our Tesla page.
Blake Morse posted a new article, Elon Musk has dumped nearly $4 billion of Tesla (TSLA) stock since Friday