Sunday, November 27, 2022

Elon Musk Sells $4 Billion Tesla Shares

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Elon Musk – the world’s richest person with a net worth of over $200 billion – sold almost $4 billion worth of Tesla shares after previously announcing he was already done doing so.

It can be recalled that in August 9, Musk used Twitter – which he now owns courtesy of a $44 billion purchase – to tell his followers and fans that he will stop selling his company shares to fund his plan of acquiring the social media platform.

In 2021, the tech billionaire sold $22 billion worth of his Tesla shares while this year, in April and August, the new Twitter big boss liquidated shares that amounted to $8 billion and $ 7 billion, respectively.

Meanwhile, according to his filing with the U.S. Securities and Exchange Commission, that was published on Tuesday, Elon Musk reportedly sold another 19.5 million of his Tesla shares that were worth $3.95 billion.

Following this development, at the time of this writing, after peaking at $194.90 per unit, the price of shares for the electric car company was $191.30 after experiencing a 2.93% drop.

A Lot Of Concerns For The Billionaire’s New Company

The self-proclaimed “Dogefather” remains the subject of many news headlines after the completion of the deal that made him the new Twitter boss.

U.S. President Joe Biden has just accused Elon Musk of spreading lies on a very large scale after his purchase of the social media platform.

In what could be described as retaliation from Musk, he used Twitter on the eve of Midterm Elections to appeal to independent voters to vote for Republicans as the Presidency is already Democrat.

Moreover, U.S. Senator Chris Murphy suggested investigations must be made towards the national security implications of Saudi Arabia having a stake at the massive Twitter buy made by Musk.

Prince Alwaleed bin Talal bin Abdulaziz of the Kingdom of Saudi Arabia is one of the partners of Elon Musk that helped him complete the deal.

Elon Musk Remains Silent Regarding Crypto Plans

Following this decision, some people are wondering if the CEO of SpaceX will soon sell his crypto holdings considering he has done it before.

Back in July this year, Musk’s Tesla sold 75% of its Bitcoin holdings – a decision that surprised a lot of people as they thought the billionaire was serious in holding on to his crypto balance in his portfolio.

However, as of now, Elon Musk continues to be mum about his thoughts on cryptocurrencies and haven’t made even one mention of even the asset he is most fond of – Dogecoin.

Additionally, there are unconfirmed reports that Twitter has halted all of its crypto-related projects. The social media company has not responded to queries about the matter when this story was written.

DOGE total market cap at $11.3 billion on the daily chart | Featured image from The Economic Times, Chart: TradingView.com

Numisteamone

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