AP

Elon Musk sells $3.58B worth of Tesla stock, purpose unknown

Dec 14, 2022, 6:16 AM | Updated: 8:52 pm

DETROIT (AP) — Elon Musk sold another $3.58 billion worth of Tesla stock this week, but it wasn’t clear where the proceeds were being spent.

The Tesla CEO, and new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission.

Musk has sold nearly $23 billion worth of Tesla stock since April, with much of the money likely going to help fund his $44 billion acquisition of Twitter.

The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock.

The falling shares have bumped Musk from his status as the world’s wealthiest person, with his net worth falling to $174 billion, according to Forbes. He was passed last week by French fashion and cosmetics magnate Bernard Arnault.

The takeover of Twitter has not been smooth, and some big companies have halted advertising on the social media platform. Musk has said that Twitter had “a massive drop in revenue” due to the advertiser losses.

Investors have been punishing Tesla stock of late as Musk has spent much of his time running Twitter, raising fears that he’s distracted from the car company.

Wedbush analyst Dan Ives said Musk is now a villain in the eyes of Tesla investors. He said Tesla’s fundamentals remain healthy but his behavior with Twitter is hurting the company’s brand. “The Twitter overhang is a nightmare that is growing with no one but Musk to blame,” Ives wrote in an email.

A message was left with Tesla Wednesday night seeking comment on the stock sale.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Photo: President Joe Biden speaks at a news conference following the NATO Summit in Washington, Thu...

Zeke Miller, Seung Min Kim, Lisa Mascaro and Colleen Long, The Associated Press

Biden says during news conference he’s going to ‘complete the job’ despite calls to bow out

Biden used his highly anticipated news conference to deliver a defense of his policies and batted away questions about his ability to serve.

2 days ago

Photo: Former New York Mayor Rudy Giuliani talks to reporters as he leaves the federal courthouse i...

Associated Press

Judge says Rudy Giuliani bankruptcy case likely to be dismissed. But his debts aren’t going away

A judge said he was leaning toward throwing out Rudy Giuliani's bankruptcy case. A dismissal would end his pursuit of bankruptcy protection.

3 days ago

biden democrats...

Lisa Mascaro, The Associated Press

Biden tells Hill Democrats he ‘declines’ to step aside and says it’s time for party drama ‘to end’

President Joe Biden stood firm against calls for him to drop his candidacy and called for an "end" to the intraparty drama.

5 days ago

BEVERLY HILLS, CA - SEPTEMBER 24: Actor Martin Mull attends FOX Hosts "The Cool Kids" Outdoor Scree...

ANDREW DALTON, THE ASSOCIATED PRESS

Comedic actor Martin Mull, star of ‘Roseanne,’ ‘Arrested Development,’ dies at 80

Martin Mull, whose droll, esoteric comedy and acting made him a hip sensation in the 1970s and a frequent guest star of sitcoms, has died.

14 days ago

In this photo provided by NASA, Boeing Crew Flight Test astronauts Butch Wilmore, left, and Suni Wi...

By ADITHI RAMAKRISHNAN, AP Science Writer

Astronauts will stay at the space station longer for more troubleshooting of Boeing capsule

Two NASA astronauts will stay longer at the International Space Station as engineers troubleshoot problems on Boeing’s new space capsule.

15 days ago

moore redmond washington...

Associated Press

U.S. Supreme Court rules against Redmond couple challenging foreign income tax

The court ruled in the case of Charles and Kathleen Moore, of Redmond, Washington after they previously challenged a $15,000 tax bill.

23 days ago

Elon Musk sells $3.58B worth of Tesla stock, purpose unknown