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Elon Musk sells 22 million shares worth $3.58 billion in Tesla stock

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Elon Musk sold 22 million Tesla shares worth $3.58 billion this week, according to a recent securities filing. This is his second sale since buying Twitter for $44 billion in October.

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Musk — who just lost his status as the world’s richest person to Bernard Arnault, CEO of Louis Vuitton — has sold nearly $40 billion worth of Tesla stock in the past year, even as investor concerns about his Twitter purchase weigh on him. from Tesla led to a 60% free fall in 2022. Tesla shares this week hit their lowest point in more than two years.

CNBC quotes VerityData, a financial research firm report that “Musk has sold 94,202,321 shares so far this year at an average price of $243.46 per share for pre-tax proceeds of approximately $22.93 billion.”

Ben Silverman, VerityData’s director of research, told CNBC in an email that Musk’s sales dating back to last November were “competently timed, so Tesla shareholders should pay attention to Musk’s actions and not his words — or the lack of when it comes to his recent sales.”

News of Tesla’s most recent CEO payout follows a New York Times report that Musk cut costs at Twitter by not paying rent for the social media giant’s San Francisco office or any other Twitter-owned location around the world. The Time also reported that he may not pay severance payments to laid-off employees. If so, he may need to use some of his new winnings to pay more lawyers, as Twitter is likely to face a lot of new lawsuits.

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