Tesla CEO Elon Musk continues to sell shares: he put up another 1.2 million shares for sale, receiving more than $ 1.2 billion for them.
Prior to that, Musk sold 4.434 million shares on November 9 and 10 for an estimated $ 5 billion. On November 11, Musk sold 639,737 shares for approximately $ 680 million in multiple transactions. In total, Musk has sold more than $ 7 billion of shares.
According to a recent poll, Musk is going to sell 10% or about 17 million shares, of which he has sold less than half so far. It’s worth noting that this is the first time Musk has sold stock since 2016. At the same time, the sale of Musk shares is so large that it even exceeds the initial public offering of shares of most companies.
Musk’s actions have raised some concerns in the market. Some investors believe that the sell-off, coupled with Tesla’s high valuation, could indicate that the uptrend in its share price is about to end. However, some analysts pointed out that, citing sales records and stock price trends by founders of companies such as Amazon, Microsoft and Facebook, Musk’s dumping of some of the company’s shares will not affect Tesla’s stock price in the long term.
As of November 10, after Musk sold $ 5 billion worth of Tesla shares, he was still Tesla’s largest shareholder, owning approximately 15.5% of the shares]. Amazon founder Jeff Bezos owns roughly 14% of Amazon, while Mark Zuckerberg owns 14% of Meta.
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