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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