Elon MuskElon Musk

News

Elon Musk sells nearly £7bn of Tesla shares in a week and its market value tumbles

  • It’s been revealed that Musk has sold a total of $8.5bn of Tesla shares this week
  • The car maker’s value has fallen by $150bn this week
  • Tesla investors are concerned about the shift in attention from cars to social media

Time 9:37 am, April 30, 2022

Tesla CEO Elon Musk has sold $8.5bn (£6.8bn) of shares in the car maker this week while its market value has fallen by $150bn (£119.2bn). 

Tesla’s value has now fallen by around $170bn (£135bn) or 19 per cent since Musk announced that he had bought a stake in Twitter earlier this month.

The news emerged after fillings to the US Securities and Exchange Commission showed he had sold a total of 9.6m shares this week, which is equivalent to 5.6 per cent of his stake.


He still retains around 15 per cent of shares in Tesla.

Tesla shares ended on Friday with their worst week’s performance since January.

They fell a further $6.75, or 0.8 per cent, to close at $870.76 in New York while at the end of last week they were more than $1,000.

Tesla investors have been concerned about Musk selling part of his stake in the EV firm and moving his interests to Twitter.


Although it is unknown what Musk will use this cash for, it’s believed it will fund his purchase and privatisation of Twitter.

Technology analyst Dan Ives told the Times that ‘Musk is the heart and lungs of the Tesla story and the Twitter saga now unfortunately becomes an overhang for Tesla shares in the near-term’.

Rebecca Chaplin's avatar

Rebecca has been a motoring and business journalist since 2014, previously writing and presenting for titles such as the Press Association, Auto Express and Car Buyer. She has worked in many roles for Car Dealer Magazine’s publisher Blackball Media including head of editorial.

More stories...

Advert
Server 51