Elon Musk Sells Billions in Stock
(NewsReady.com) – Elon Musk purchased Twitter for $44 billion in a shocking move earlier this year. The deal was finally made official two weeks ago, and he took over the platform. Since then, there has been nothing but trouble for the world’s richest man. New filings show he recently sold off a massive amount of Tesla stock.
According to reports, Musk sold 19.5 million shares of Tesla stock from November 4 to November 8. The shares are worth almost $4 billion and were the latest sell-offs carried out by the billionaire. In total, he has sold more than $19 billion worth of stock, presumably to pay for the purchase of the social media platform.
Elon Musk sells $3.95 billion worth of Tesla stock https://t.co/GjXNe3B0XS pic.twitter.com/thVjXtSu8r
— The Hill (@thehill) November 9, 2022
Musk’s latest sell-off of his stock comes after he promised not to unload any more of it. Tesla stock is down 52% in 2022, and it fell an additional 6% on November 9. Daniel Ives, a senior equity research analyst at Wedbush, criticized the billionaire, according to The Hill, for promising he is “done selling Tesla stock,” and then selling more. The expert said Musk has lost “credibility with investors and his loyalists.” Ives went on to call the purchase of Twitter a “debacle from all angles.”
While Musk is still the richest man in the world, his net worth has fallen below $200 billion.
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