According to documents filed with the American Stock Exchange, Musk announced the sale of Tesla shares for at least US$3.58 billion. The documents show that Musk sold at least 22 million shares of Tesla. Tesla’s stock price continued to fall, bringing the company’s market value below $500 billion (roughly RMB 3.48 trillion) for the first time since November 2020.
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This year, Tesla shares have dropped 55%, trailing major automakers and technology firms like General Motors, Ford, Apple, and Amazon. Because of the decrease in Tesla’s stock value, Musk has likewise lost the high position of the world’s most extravagant man.
Musk has reneged on his promise to “not sell Tesla again” since “starting” on Twitter. Musk has previously sold more than 190 percent of Tesla shares following the announcement of the acquisition of Twitter. 100,000,000 U.S. dollars.
Tesla’s stock price continued to decline at Beijing time, bringing the company’s market value below the $500 billion mark (or 3.48 trillion yuan) for the first time since November 2020.
Tesla’s stock cost fell 2.6% on Wednesday to close at $156.80. This year, its market value has decreased to $495 billion, and the cumulative decline has increased to 55%. Many investors will feel the pain of a sharp decline in Tesla’s stock price. As of Wednesday’s nearby, the organization was the 6th biggest part of the S&P 500 and the third-biggest drag on the list this year. Next week, Tesla will celebrate two years on the S&P 500.
The decline in Tesla’s stock price has intensified over the past few months, falling 41% since the end of September this year, even though it has essentially been falling throughout the entire year. Over the same period, shares of the S&P 500 and the tech-heavy Nasdaq 100 have both increased by 7%.
Investors’ concerns about a possible recession and the Federal Reserve’s interest rate hike have had a negative external impact on Tesla’s stock price. This has led investors to sell risky and expensive stocks, resulting in a sharp decline in the stock market for technology and growth assets.
Lastly, Elon Musk’s focus on reviving his newly acquired Twitter and Tesla issues, such as supply shortages, skyrocketing raw material costs, and production disruptions, weighed heavily.