Elon Musk, who needs cash following the $ 44 billion Twitter acquisition, has sold his shares in the automaker Tesla for nearly $ 4 billion in recent days.
The boss of the American electric car giant thus sold more than 19 million shares between last Friday and Tuesday, November 8 for almost $ 3.95 billion, according to documents filed with the Securities and Exchange Commission.
Tesla’s shares are down 52% year to date and the company’s market capitalization has dropped below $ 600 billion for the first time since June last year. This latest Tesla stock sale has sparked fears from investors, who fear Musk will focus on Twitter and retire from the electric vehicle manufacturing company.
Tesla also faces growing competition from several automakers, including GM and Ford, as it faces slowing demand.
With MAP
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