TechDigits

Tech news
Monday, May 20, 2024

Elon Musk sells $3.6bn of shares in electric car maker Tesla

Elon Musk sells $3.6bn of shares in electric car maker Tesla

Multi-billionaire Elon Musk has sold another 22 million shares, worth $3.58bn (£2.9bn), in the electric car maker Tesla.

The shares were sold on the Monday, Tuesday and Wednesday this week, according to a filing with a US financial regulator.

It brings the total of Tesla stocks sold by Mr Musk over the past year to almost $40bn.

Earlier this week Mr Musk lost his position as the world's richest person.

The reason for the latest share sales has not been disclosed.

He remains Tesla's biggest shareholder with a 13.4% stake, according to financial market data provider Refinitiv.

Last month Mr Musk revealed that he had sold 19.5 million shares of Tesla worth $3.95bn, just days after completing a $44bn takeover of social media platform Twitter.

Tesla is one of the worst performing stocks among major car makers and technology companies this year, as investors worry that Mr Musk's buyout of Twitter is diverting his attention.

On Wednesday the value of Tesla shares listed on the technology-heavy Nasdaq index in New York closed below $500bn for the first time since 2020.

At the end of last year the company was worth more than $1tn but its value has slumped in recent months.

Mr Musk completed the takeover of Twitter in October and since then has focused a significant amount of his time on the business.

Mr Musk sold billions of dollars worth of Tesla shares to help fund his purchase, which helped to push the shares down.

The Twitter deal was only completed after months of legal wrangling, and some have cited the distraction of the takeover as another factor behind Tesla's share price fall.

Investors have also been concerned that demand for the company's electric cars may slow, as the economy weakens, higher borrowing costs discourage buyers and other companies boost their electric vehicle offerings.

Tesla has also been hit by recalls, as well as government probes of crashes and its autopilot feature.

This week Mr Musk lost his position as the world's richest person after a sharp drop in the value of his shares in Tesla this year.

According to both Forbes and Bloomberg, he was overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Mr Musk is now worth $174bn, Mr Arnault's fortune stands at almost $191bn, according to Forbes.


WATCH: Ros Atkins On… Elon Musk and Twitter



Newsletter

Related Articles

TechDigits
0:00
0:00
Close
FTX's Bankman-Fried headed for jail after judge revokes bail
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Musk announces Twitter name and logo change to X.com
The future of sports
TikTok Takes On Spotify And Apple, Launches Own Music Service
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
Melinda French Gates Advocates for Increased Female Representation in AI to Prevent Bias
Snapchat+ gains 4 million paying subscribers in its first year
Apple Makes History as the First Public Company Valued at $3 Trillion
Elon Musk Implements Twitter Limits to Tackle Data Scraping, but Faces Criticism for Technical Misunderstanding
EU and UK's Slow Electric Vehicle Adoption Raises Questions About the Transition to Green Mobility
Top Companies Express Concerns Over Europe's Proposed AI Law, Citing Competitiveness and Investment Risks
Meta Unveils Insights on AI Usage in Facebook and Instagram, Amid Growing Calls for Transparency
Crypto Scams Against Seniors Soar by 78% in 2022, Experts Urge Vigilance
The End of an Era: National Geographic Dismisses Last of Its Staff Writers
Shield Your Wallet: The Perils of Wireless Credit Card Theft
Harvard Scientist Who Studies Honesty Accused Of Data Fraud, Put On Leave
Putting an End to the Subscription Snare: The Battle Against Unwitting Commitments
The Legal Perils of AI: Lawyer Faces Sanctions for Relying on Fictional Cases Generated by Chatbot
ChatGPT’s "Grandma Exploit": Ingenious Hack Exposes Loophole in AI, Generates Free Software Codes
The Disney Downturn: A Near Billion-Dollar Box Office Blow for the House of Mouse
A Digital Showdown: Canada Challenges Tech Giants with The Online News Act, Meta Strikes Back
Distress in the Depths: Submersible and Passengers Missing in Titanic Wreckage Expedition
Mark Zuckerberg stealing another idea: Twitter
European Union's AI Regulations Risk Self-Sabotage, Cautions smart and brave Venture Capitalist Joe Lonsdale
Nvidia GPUs are so hard to get that rich venture capitalists are buying them for the startups they invest in
Chinese car exports surge
Reddit Blackout: Thousands of Communities Protest "Ludicrous" Pricing Changes
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
AI ‘extinction’ should be same priority as nuclear war – experts
×