March 25, 2023

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Shares of Tesla lose 15.4% of its value after the sale of Elon Musk

Shares of Tesla lose 15.4% of its value after the sale of Elon Musk

Musk sells more than $ 6.9 billion worth of shares a week (Getty)

Shares of the electric car company lost ground “Tesla” About 15.4% of its value after sale Elon MuskAccording to documents released Friday by the U.S. Market Regulatory Commission, the group’s CEO holds shares worth more than $ 6.9 billion a week.

In total, the 50-year-old South African-born Musk sold more than 5.1 million shares of the electric car maker, of which about 4.2 million shares were in trust funds. Three percent of his total shares after 2016.

This is one of the biggest sales recorded in a short period of time without being a forced sale or as part of a transfer of ownership.

Musk spent several days on his Twitter account asking whether he should give up his 10 percent stake in Tesla, and 57.9 percent of the 3.5 million people responded with a pledge.

When Wall Street opened on Monday, the stock price plummeted and its value fell, with Friday’s price reaching about 1033.42 compared to last Wednesday’s $ 1067.95, so Mask sold shares at a very low price. He did so before his tweet, which led to the loss of millions of dollars in unattainable profits.

The trader started selling some of these shares from September 14, which means that the documents revealed that he was not affected by the survey.

At the end of the day, according to the document, Elon Musk still owned 1.22 million shares of Tesla and $ 163.2 million in a trust fund with a final price of $ 173 billion on Friday.

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The $ 6.9 billion profit from the sale is expected to be deducted from $ 1.4 billion in taxes.

(AFP, The New Arabic)