Sunday, 5 February, 2023

Musk dumps more Tesla stock

Elon Musk has sold another 22 million shares in his electric car company Tesla this week, according to filings published by the US Securities and Exchange Commission (SEC) on Thursday.

The stock sale was worth $3.6 billion, bringing Musk’s total Tesla stock off-load this year near $40 billion. The billionaire’s stake in the carmaker now amounts to about 13.4 percent from around 17 percent a year ago, according to Refinitiv data.

This week’s sale is the second big piece of stock Musk has dumped since his $44-billion purchase of social media platform Twitter in October.

Tesla investors are worried that Musk seems to be putting Twitter ahead of Tesla on his list of priorities, especially since the carmaker’s shares are trading at two-year lows.

“It doesn't put a lot of confidence in the business, or speak volumes for where his attention is at. It's not a good situation. I've spoken to a lot of investors who have Tesla shares and they're absolutely furious at Elon,” Tony Sycamore, an analyst at IG Markets brokerage, told Reuters.