TechnologyElon Musk Sells $3.95bn Of Tesla Shares

Elon Musk Sells $3.95bn Of Tesla Shares

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New Twitter CEO and Tesla boss Elon Musk has sold another 19.5 million shares of the electric car maker worth $3.95bn (£3.4bn), filings with the US financial watchdog show.

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The news comes less than two weeks after the world’s richest man completed his $44bn takeover of Twitter, BBC reports.

Tesla’s share price has fallen by more than 50% since the start of this year.

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Separately, Tesla is recalling just over 40,000 of its vehicles in the US because of a potential problem with their power-steering.

The reason for the latest sales, which took place in the last week, has not yet been disclosed.

Read Also: Nigeria Loses 28,000 Citizens To Tobacco Consumption Yearly

The latest sale brings the total value of Tesla shares sold by Mr Musk to almost $20bn since he announced earlier this year that he had bought a stake in Twitter.

He sold $8.5bn of Tesla stock in April this year and around another $7bn worth in August.

Also in August, Tesla shareholders approved a three-for-one stock split, which is behind part of the fall in the value of the shares.

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