According to a regulatory document released Wednesday night, Tesla CEO Elon Musk sold approximately 22 million more shares in his electric vehicle business valued roughly $3.6 billion.
According to the Securities and Exchange Commission filings, the transactions took place this week.
This year, Musk warned his millions of social media followers that he had d “no further TSLA sales planned” after April 28.
According to financial data firm VerityData, Musk has sold 94,202,321 shares this year at an average price of $243.46 per share, for around $22.93 billion in pretax revenues.
“Musk’s prior sales going back to November 2021 were expertly timed, so Tesla shareholders need to pay attention to Musk’s actions and not his words — or lack thereof when it comes to his recent selling.” director of research Ben Silverman wrote in an e-mail to CNBC on Wednesday.
He did, however, continue to sell some of his large Tesla interests after agreeing to buy Twitter in a $44 billion deal. The transaction was completed in late October. Musk, who is also the CEO of SpaceX, a major defence contractor, took over as CEO of the social media company right afterwards.
Musk told Tesla employees after his Twitter takeover that he sold Tesla shares to “save” their company.
Tesla shares have been dropping this year, and have fallen even worse since he assumed this new role.
Tesla shares fell 2.6% to $156.80 on Wednesday, bringing the company’s market valuation to $495 billion. As of Wednesday’s close, Tesla shares were down 55% year to date.
