Twitter’s new CEO Elon Musk has sold over 20 Million Tesla shares which will round up to $3.6bn. According to a filing with the US financial regulator, the shares were sold over the three days Monday, Tuesday, and Wednesday this week. With this, Elon Musk sold a total worth of $40bn Tesla stocks over the year. However, the reason behind the latest stocks sale is not known yet.
Elon Musk earlier this week lost the position of the World’s richest man to Bernard Arnault, the chief executive of Louis Vuitton’s parent company LVMH. After the fresh sale, Musk now owns about $66bn worth of Tesla stock. The decline continues for Tesla stocks since January this year and currently, it is trading at $156.80 after hours on Wednesday.
Industry analysts say that these sales from Musk could be an answer to the high-interest rates he is paying for Twitter’s $44bn acquisition deal.
