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Elon Musk sells another huge chunk of Tesla shares

Anadolu Agency | Anadolu Agency | Getty Images

Tesla CEO Elon Musk sold about 22 million more shares in his electric vehicle business, which were worth around $3.6 billion, according to a financial filing out Wednesday night. The transactions took place between Monday and Wednesday this week according to the filings with the Securities and Exchange Commission.

Earlier this year, Musk told his millions of followers on social media that he had “no further TSLA sales planned” after April 28.

However, he continued to sell portions of his sizable holdings in Tesla after agreeing to buy Twitter in a deal worth around $44 billion. The acquisition closed in late October. Musk, who is also CEO of SpaceX, a major defense contractor, immediately appointed himself CEO of the social media company.

After Musk’s Twitter takeover, he told employees there that he sold Tesla shares to “save” their business.

Tesla shares have been declining this year, and sliding even further since he took on that new responsibility.

Shares of Tesla closed down 2.6% on Wednesday at $156.80, dropping the company’s market capitalization to $495 billion. Tesla shares were down 55% year-to-date as of Wednesday’s close.

This is a developing story. Please check back for updates.

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