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Posted on: Thursday 15 December 2022 – 10pm | Last Updated: Thursday 15 December 2022 – 10pm
American billionaire Elon Musk has sold a new amount of $3.58 billion in shares in electric car maker Tesla, which he heads, and owns most of its shares.
That brings Musk’s total sales of shares in the company he founded to about $40 billion.
The Bloomberg news agency said the company’s sale of about 22 million shares this week coincided with its ranking declining from number one on the world’s rich list for the first time since September last year.
Meanwhile, Tesla’s market value has fallen to less than half a billion dollars for the first time since November 2020.
And Musk tweeted yesterday, Tuesday, amid the sale: “I take a risk stating clearly.. I am debt aware in light of the turbulent macroeconomic conditions, especially as the US Federal Reserve continues to hike interest rates. .”
This is the second time Musk has sold shares in Tesla, after buying Twitter for $44 billion Last November, Musk sold 19.5 million shares worth $3.95 billion, in part due to funding from Tesla ‘Twitter Agreement.
The continued sale of Musk’s shares in Tesla comes after repeated confirmations that he is selling shares amid mounting financial pressures to fund his takeover of social networking platform Twitter.
This comes as Tesla’s stock price rose 0.6% to $157.67, while the stock price fell 55% during the current year.
Musk became the richest man in the world with a fortune of $340 billion, but since last January he has lost more than $100 billion of his wealth, which has dropped to $168.5 billion, according to the Bloomberg Billionaires. Index.
Musk’s wealth fell short of billionaire Arnault, 73, by $172.9 billion, thanks to his 48% ownership of shares in French fashion and fashion giant LVMH.
