John Hugh DeMastri
Tech mogul Elon Musk sold 19.5 million shares in the electric carmaker Tesla — of which he is CEO — worth nearly $4 billion as the company’s shares continued to fall, according to a trio of filings with the Securities and Exchange Commission (SEC) that were made public Tuesday.
The selloff, which occurred between Nov. 4 and Nov. 8, comes roughly three months after an Aug. 9 tweet in which Musk pledged he would not make further sales of Tesla shares to fund his acquisition of Twitter, according to the Nov. 8 SEC filings. Tesla shares were down 2.93% on the day and 52.17% in 2022, but were down just 0.68% in after-hours trading at time of writing, according to Google Finance.
Previously, on April 28, 20222, Musk tweeted he had “No further [Tesla] sales planned after today,” following $8.5 billion in sales to fund the deal, but this did not prevent the tech mogul from executing a $6.9 billion selloff between Aug. 5 and Aug. 9.
Since 2021, Musk has sold roughly $41 billion in Tesla stock, and he remains the richest person in the world with a net worth of nearly $200 billion, according to CNBC.
Musk acquired Twitter for roughly $44 billion on Oct. 27 following a monthslong legal battle where the business mogul attempted to escape his contractual obligation to purchase the social media platform, eventually accepting investment capital from a variety of partners ranging from Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia and co-founder and former CEO of Twitter, Jack Dorsey.
After the previous round of sales between Aug. 5 and Aug. 9, Musk owned nearly 15% of Tesla, according to Reuters.
Tesla didn’t immediately respond to the Daily Caller News Foundation’s request for comment.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.