got up Elon Muskwho lost his first place in Bloomberg’s ranking of the world’s richest people this week, by selling shares in a company Tesla For the fourth time this year, bringing its total sales per share since late last year to $40 billion.
The CEO of Tesla sold nearly 22 million shares of the electric car maker for $3.58 billion, US filings announced late Wednesday showed. According to the disclosures, the sales took place during the period from 12 to 14 December.
Elon Musk’s sales coincide with his decline from the top of the Bloomberg Billionaires Index, a position he has held since September last year. Tesla’s market value also fell below half a trillion dollars for the first time since November 2020.
Tesla shares have fallen 55% this year as investors grow increasingly concerned regarding Elon Musk buying a company Twitter You’re in for a $44bn deal, with rising concerns regarding rising interest rates making cars more expensive for consumers and demand woes in China, Tesla’s biggest market following the US.
Musk’s continued selling of Tesla shares following his repeated assurances that he had finished the sale reflects the growing pressure on Twitter’s finances as his erratic and impulsive approach to managing the social media company has alienated advertisers, and efforts to bring in more sales have alienated advertisers. Revenue from subscription fees backfired when scam accounts took advantage of poor implementation to roll out verification badges.
The Twitter chaos has been a huge burden for Tesla, which faces its own set of challenges. The electric car maker cut prices and production this quarter in China, and took the rare step of offering incentives in the United States. Musk said the company is struggling to deal with the effects of demand on the slumping real estate market in China, the energy crisis in Europe, and the Fed’s interest rate hike.
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