Musk sells nearly $7bn worth of Tesla stocks last week

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Musk sells nearly $7bn worth of Tesla stocks last week

Elon Musk, the co-founder and Chief Executive of the world’s most valuable automaker, had sold off a whopping $6.9 billion worth of Tesla Inc stocks last week, largely in a bid to downsize a huge chunk of unrealized gains that Tesla had shelved following a surprisingly robust third-quarter earnings’ report.

According to a filing with US SEC (Securities and Exchange Commission) released late on Friday, Musk, the charismatic talisman who had left S. Africa at early-teens, settled in the United States and became the world’s most-popular richest man ever, had sold off 1.2 million shares from his trust for an upsum of $1.2 billion in the day.

Nonetheless, latest move from the top stakeholder in Tesla came forth as Musk tweeted on last Saturday asking whether he should sell off about 10 per cent of his Tesla Inc stakes and his Twitter followers had approved the move in a social media platform voting poll.

Last week, Musk had offloaded around 6.36 million shares. However, Musk still needs to shed about 10 million shares more in order to fulfill his promise to shrug off a 10 per cent of his Tesla Inc holdings.

Musk sells off nearly $7bn worth of shares

In factuality, investors holding ‘short’ positions also had sold off a clutch of Tesla Inc stocks last week, as the e-vehicle maker’s shares’ prices pummeled 2.8 per cent to $1,033.42 apiece on Friday, rounding off a straight 11-week-long streak of weekly percentage gains.

In tandem, this has been the first time Elon Musk had offloaded his stakes in Tesla Inc since inception of the EV maker back in the 2003s. Amid such as mass-scale sell-off wave, Tesla Inc shares had tumbled as much as 15.4 per cent last week and lost a jawdropping $187 billion in market cap, more than the combined market valuation of General Motors and Ford Motor Co., the United States first- and second-largest conventional automakers respectively.