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Elon Musk sells chunk of Tesla shares worth $3.6B

It's the second batch of Tesla shares Musk has sold since he took over Twitter at the end of October.
Germany: Opening of Tesla factory
Tesla CEO Elon Musk at the opening of a factory in Gruenheide, Germany, on March 22. ddp images / Sipa USA via AP
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Tesla CEO Elon Musk sold about 22 million more shares in his electric vehicle business worth around $3.6 billion, according to a financial filing out Wednesday night.

The transactions took place between this week, according to the filings with the Securities and Exchange Commission.

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

According to the financial research firm VerityData, Musk has sold 94,202,321 shares this year at an average price of $243.46 per share, for pretax proceeds of about $22.93 billion.

VerityData’s director of research, Ben Silverman, wrote in an e-mail to CNBC on Wednesday, “Musk’s prior sales going back to November 2021 were expertly timed, so Tesla shareholders need to pay attention to Musk’s actions and not his words — or lack thereof when it comes to his recent selling.”

However, he continued to sell parts of his sizable holdings in Tesla after he agreed 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.