Tesla CEO, known for his support for Dogecoin (DOGE), has sold huge stocks in the last three days for an undisclosed reason. While Elon Musk continues to sell his Tesla shares, the TSLA price continues to fall.
DOGE backer sells $3.58 billion worth of Tesla stock
Elon Musk sold another 22 million shares of Tesla, raising a total of $ 3.6 billion. Musk stocks sold on Mondays, Tuesdays and Wednesdays this week. The sales were announced in an SEC filing late Wednesday. The tech billionaire has yet to give a detailed explanation about the reason for the sales. These were the first Tesla stock sale since early November, when Twitter sold 19.5 million shares shortly after closing its buyout.
To recall, Musk completed its $44 billion acquisition of Twitter in late October. The company later filed a securities statement. A DOGE supporter became the owner of one of the world’s largest social media platforms. cryptocoin.comAs you follow, this was also effective in the 150% rally of Dogecoin price at that time.
Meanwhile, Elon Musk still owns 13.4% of Tesla shares. Total sales of Tesla shares, including last year, amount to approximately $40 billion. The reason for the latest share sales has yet to be revealed. Meanwhile, Tesla stock’s more than 60% drop in 2022 could be due to Elon Musk’s Twitter move. As a result, the company had one of the worst years for stock performance among major automakers.
Tesla shares at two-year lows
On the night of December 14, the TSLA price fell to a two-year low. According to the filing, Musk, who recently lost his position as the richest person in the world, sold shares for the three days between Monday and Wednesday. The most recent share sale comes a month after Musk sold $4 billion of Tesla shares just days after signing the Twitter deal.
Tesla stocks are performing their worst this year. Investors worry that Elon Musk’s acquisition of Twitter is diverting attention from Tesla. Tesla is already one of the worst performing companies this year, on a stock basis. It was traded on the New York market’s weighted Nasdaq index for the first time since 2020. It closed under $500 billion on Wednesday. Its value, which exceeded $1 trillion at the end of last year, has been on the decline in recent months.
Meanwhile, some speculate that the drop in Tesla shares was due to Musk’s Twitter move. The CEO of SpaceX, Tesla, Twitter, Boring Company, Neuralink and OpenAI has spent most of the energy on Twitter in recent months. According to some, this causes him to be unable to focus on other companies because of Twitter.
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