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Elon Musk Continues to Sell Off Tesla Shares

By Parlanchin | Parlanchin | 17 Dec 2022


Elon Musk sold at least $3.6 billion worth of Tesla shares during trading this week. The eye-popping total increases the total value of shares he has sold this year to $23 billion. The sale comes despite Musk’s promise, in April, to stop selling off shares.

 

The billionaire’s need for liquidity stems from his acquisition of Twitter, which carries billions in debt, including some $13 billion in debt resulting from the acquisition itself.

 

Tesla stock is down more than 60% from its all time high, underperforming the broader market.

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Parlanchin

Musings on the legal, ethical, and financial ramifications of interactions between crypto, government, and society.

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