Tesla CEO Elon Musk sold about 22 million shares of his electric vehicle business, which was worth around $3.6 billion, according to the financial filing out on Wednesday. The transaction took place between Monday and Wednesday, according to the filings with the Securities and Exchange Commission.
Earlier this month, Elon stated that he had no further plan to sell Tesla shares. However, he continued selling portions of his Tesla shares after agreeing to buy Twitter, worth around $44 billion.
According to the financial research firm, Musk has sold 94,202,321 shares so far this year at an average price of $243.46 per share.
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Elon told his employees that he sold Tesla shares to ‘Save’ their business. Tesla shares have been declining this year and sliding even further since he took over the responsibilities. On Wednesday, Tesla shares closed down by 2.6%, dropping the company’s market capitalization to $495 billion. Shares were down 55% year-to-year as of Wednesday’s close.