The Tesla and Twitter CEO, Elon Musk is having a relatively bad year. In the last month of 2022, he seems to have lost his position as the world’s richest man to Bernard Arnault, the co-founder, and CEO of LVMH. The techie billionaire has had a terrible drop in his revenue over the year. These recent days he has also sold Tesla shares worth billions.
Throughout the year, Musk has been facing trouble. Starting from his acquisition of Twitter to the drop in revenue from social media have all affected his income. The factors like inflation, high borrowing costs, and competition from other electric car companies have all affected Tesla’s performance in the market. Here’s more about the Tesla shares that were sold over three days.
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Elon Musk Sells Billions Worth Of Tesla Shares
Musk selling shares from his tesla stocks is a very rare event. But in the past two months, the multi-billionaire has sold his Tesla stocks twice. According to a US financial regulator filing, it shows that Elon Musk has sold shares worth about $3.5 billion which accounts for 22 million shares of Tesla. These stocks were sold over three days between December 12 to December 15.
Similarly, Elon Musk previously sold $19.5 million shares of Tesla in early November 2022. This was worth $3.95 billion. Since this happened days after acquiring Twitter, it can be concluded that Musk sold Tesla shares to aid his Twitter purchase.
The acquisition of Twitter and the subsequent changes he bought to the platform has not helped Musk better his finances. However, this year, the billionaire had been focused on Twitter which diverted his time away from his electric car company. The electric car makers have turned out to be one of the worst-performing stocks among major companies this year. According to Reuters, Tesla has sold over $40 billion over the past year.
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Change In Musk’s Net Worth After Selling Tesla Shares
The 51-year-old techie lost his world’s richest man status as he sells his Tesla shares worth billions. The $23 billion worth of Tesla shares he sold since April 2022, has caused the electric car makers to lose half their value. However, Elon Musk remains to be the biggest shareholder with a 13.4% stake according to Refinitiv.
Musk now had his net worth falling to $174 billion during the early part of December 2022. The entrepreneur had a net worth of $286 billion in December 2021 and had finished the year as the world’s richest. But this year he has lost about $100 million. The massive revenue drop can be attributed to the Twitter takeover, advertisers stepping away from using Twitter, and the drop in Tesla’s share price.
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