Another Huge Chunk Of Tesla Shares Sold By Elon Musk, Tesla Shares Dipped By 2.6%

The US SEC released the filing submitted by Tesla on Wednesday night, causing Tesla investors’ alarms to go off.

This is because the filing revealed that Elon Musk has sold a tremendous amount of Tesla shares since the last filing.

Elon Musk Sold 22 Million Shares

The financial filing data released by the US SEC on Wednesday shows that Elon Musk has sold off 22 million more shares for Tesla.

Elon Musk is the CEO of Tesla, but everyone knows that he is the owner of the electric car manufacturing company. When everyone abandoned Tesla, it was Elon Musk who stuck around.

He is the very reason Tesla became and still, is the largest EV manufacturing company in the entire world.

For Musk, Tesla is like a baby that he brought up and the shareholders know his history and efforts for the company.

While investors have grown sentiments for Tesla involving Elon Musk, the richest man in the world has gone wild.

Musk has been selling his shares in Tesla and in a recent filing, it has been confirmed that he has sold 22 million shares. Given the current share price of Tesla, the 22 million shares amount to $3.6 billion.

The US SEC has confirmed that as per the filing, it was between Monday and Wednesday when the transactions took place for selling the shares.

Elon Musk is misleading his Followers

It was back in April when Elon Musk made an announcement about selling his shares in Tesla.

After selling a huge chunk of shares in April, Musk has assured millions of his followers that he will no longer sell his shares in Tesla.

He confirmed that there would not be any further sales but turns out, he was literally misleading his followers. He ended up selling 22 million shares amounting to $3.6 billion.

Findings Shared by VerityData

A financial research firm has just shared its findings around the total Tesla shares Elon Musk has sold so far in 2022.

As per the firm’s findings, Elon Musk has sold a total of 94,202,321 shares of Tesla in the year 2022 alone. The average price of each share Elon Musk sold was worth $243.46 per share.

The firm revealed that the 94 million plus shares sold by Elon Musk in the year 2022 amount to $22.93 billion.

Ben Silverman’s Email

VerityData’s research director recently wrote an email to the news outlets so the message could be spread among Tesla shareholders.

In his email, Silverman talked about the pattern that Elon Musk has formed in recent years when it comes to selling shares.

He stated that the sales carried out by Musk in the year 2021 were perfectly timed in the month of November.

Therefore, the shareholders need to understand that and keep an eye on his actions rather than his words. Musk is used to making many statements that are considered misleading for the shareholders or the followers.

However, he does things when it is the perfect time to do them. His timing is perfect when he sells shares for Tesla so the investors must follow him.

Tesla is Generating Funds Following the Twitter Acquisition

The market must be well aware that Elon Musk has recently purchased Twitter. It was confirmed on October 28 that Twitter had been purchased by Musk for a whopping $44 billion.

Right after the acquisition of the company, Musk announced that he had appointed himself as the new CEO of the social media giant.

With more responsibilities and funds leaving Musk’s accounts, it is only a matter of time before he will sell more shares to generate funds.

Right after the report was shared by the US, the shares of Tesla plunged 2.6%. At the time of writing, Tesla’s shares are worth $156.80 each. As a result, the overall valuation of Tesla has plunged to $495 billion.