Elon Musk sold another $3.6 billion of Tesla stock in December, after selling nearly $3.95 billion in November. Earlier stock sales were to help with the acquisition of Twitter, but reasons were not disclosed for the latest sale. Tesla shareholders are becoming increasingly upset with Musk, who has stated multiple times he will stop selling stock, only to sell additional shares. Earlier this month, Elon Musk sold another $3.6 billion worth of Tesla stock for reasons that have not been made public. Earlier sales of Tesla shares in 2022 helped Musk fund the purchase of Twitter. The question from this sale is whether Musk will continue to sell additional shares of Tesla stock, even though he has publicly vowed to stop multiple times. Here is what investors need to know. Why is Musk Selling Tesla Stock? Elon Musk began selling large blocks of Tesla stock in April 2022 to help finance his purchase of Twitter. He initially sold $8.5 billion shares in April, another $6.9 billion in August 2022, $3.95 billion in November, and $3.6 billion in December for a total of around $22.9 billion. The main reason for selling off Tesla stock was to fund Mr. Musk’s purchase of the social media company Twitter as most of his wealth is tied up in Tesla stock. The deal for Twitter closed in late October 2022, and Mr. Musk has continued to sell off more TSLA stock since. It’s unknown why he made the latest stock sale in December, but he claims he will stop selling his stock for up to 18 months. As of this writing, Tesla stock has lost 60% of its value in 2022. This is due to a combination of factors, including shareholders thinking Twitter is taking up too much of the Tesla CEO’s time, fears of a recession in 2023, production pauses at Tesla, and Musk selling close to $22.9 billion in stock.
via forbes: Elon Musk Sells Another $3.6 Billion In Tesla Stock To Prop Up Twitter