Elon Musk sells Tesla shares for the fifth week in a row (and the value of the company continues to free fall)


Dec 10, 2021 09:24 GMT

Since November 4, the electric vehicle maker’s shares are down 18%.

Tesla CEO Elon Musk has sold a package of shares in the electric car company for the fifth week in a row, Bloomberg reports citing regulatory documents Thursday.

Specifically, the magnate has disposed of 934,091 shares worth approximately $ 963 million in order to pay taxes on the exercise of 2.2 million options.

Musk’s promise

They pay $ 7,753 for a test in which Elon Musk, then a professor at the University of Pennsylvania, condemned the word 'shit'

In this way, Musk is closer to fulfilling his promise to sell 10% of his stake in the company, after last month he asked his followers via Twitter if he should take such a step.

At the moment, the billionaire already has come undone from around 11 million sharesTherefore, to reach the 10% threshold —without taking into account his exercisable options— he would have to sell another six million shares.

On Monday, Tesla shares fell more than 4% to $ 958 per unit, which was their lowest value since October. This occurred on the same day that the US Securities and Exchange Commission launched an investigation into a claim filed by former company employee Steven Henkes.

Ongoing investigation

Russia's richest woman increases her wealth by more than 1,000% (and surpasses Musk in percentage growth)

Since last November 4, the shares of the US vehicle manufacturer have fallen 18%. However, Musk remains the richest person in the world, with a fortune of 266,000 million dollars, which has been increased by 110,000 million so far this year.

Recently, the US National Highway Traffic Safety Administration opened an investigation into Tesla after it was discovered that its vehicles allow drivers to play games and surf the internet on a large dash-mounted touchscreen while driving.

Meanwhile, this Thursday, Musk tweeted who is thinking of quitting his jobs and becoming a full-time influencer. In addition to being CEO of Tesla and Space X, he also leads companies such as Neuralink and The Boring Company.

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