Fourth Time This Year! Musk Sells $3.58 Billion Tesla Shares, EV Maker's Stock & Market Value Hit 2 Year Low

After briefly losing the title of world’s richest person but managing to reclaim the top spot last week, Elon Musk has again lost his No. 1 rank on both Forbes and Bloomberg’s rankings.??

Elon Musk Loses World's Richest Title

Louis Vuitton’s Bernard Arnault again overtook Musk as the world’s richest person, with a networth of $190 billion as per Forbes and $172 billion as per Bloomberg billionaire index.?

Networth of Musk, which has already taken an over $100 billion fall this year, has fallen further after he recently sold Tesla shares worth $3.58 billion this week. This is the fourth time this year that the EV maker’s CEO has sold the firm’s shares. The transactions happened between December 12-14th.?

reuters

According to US securities filings on Wednesday, Elon Musk sold 22 million shares of Tesla worth $3.58 billion this week.

Elon Musk?now owns 13.4% of Tesla, according to Refinitiv data, as per Reuters report.

Tesla's stock has plummeted since Twitter's takeover.

This is Musk’s second Tesla share sale in two months since taking over Twitter, and the fourth this year. This brings his total Tesla stock sales to nearly $40 billion over the past year.

Tesla share prices have taken a beating for most of this year, falling over 60% to date.?And ever since Musk announced the takeover of Twitter on October 27th, Tesla shares have fallen 30%.??

reuters

Also, Tesla investors’ concerns that Musk's purchase of Twitter is diverting his time away from Tesla have driven down shares of Tesla more than 60% in 2022, making it one of the worst-performing stocks among major automakers and tech firms this year. Musk’s $56 billion pay package at Tesla too was questioned in court last month.

Also Read:?Elon Musk?Says?Tesla?Will Be Worth More Than Apple And Saudi?Aramco?

Tesla Market Value Slips Below $500 Billion

With the latest fall, Tesla stock has hit its lowest in over two years.?The stock closed down 2.6% at $156.80 in New York on Wednesday, taking its market capitalization to $495 billion. As per Bloomberg report, Tesla is the sixth-biggest member of the S&P 500 Index as of Wednesday’s close.?

The relentless decline in the shares of Tesla pushed the electric-vehicle maker’s valuation to close below the half-trillion dollar mark (below $500 billion) for the first time since November 2020.?

Also Read:?South Koreans Show Their Love For?Elon Musk?By Piling Up Tesla?Shares

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