Tesla Inc. Chief Executive Officer (CEO) Elon Musk has reportedly sold about 19.5 million shares of the company. According to The Verge, these shares are close to worth $4 billion as per the forms filed with the Securities and Exchange Commission.
The report adds that Musk has offloaded almost $20 billion in the electric vehicle maker this year. All this offloading has been reportedly done to mostly finance the Twitter deal which was worth $44 billion.
In April and August, Elon Musk has sold a combined $15.4 billion worth of Tesla shares, with $8.4 billion in April and around $6.9 billion in August. However, after these sales, he said that there were no more sales planned.
With regards to these sales, Musk also tweeted, “No further TSLA sales planned after today.”
Musk’s acquisition of Twitter has come as a costly affair even for the world’s richest man. His takeover of the micro-blogging platform has also invited drastic measures like sacking of almost 50 per cent of Twitter workforce, paid Twitter blue and so on.
According to a Reuters report, Musk’s net worth also dropped below $200 billion on Tuesday as investors dumped Tesla’s shares on fears of the Chief Twit being more preoccupied with Twitter. The report reads, “Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and faces rising competition.”
At this point, as per the Reuters report citing Forbes, Elon Musk now has a net worth of $194.8 billion. However, even this share is coming from his big stake in Tesla, which is close to 15 per cent and reportedly has a market value of $622 billion.