According to a financial filing out Wednesday night, Musk sold 22 million more shares in his electric vehicle business. The transactions took place between Monday and Wednesday, according to the SEC.
Musk told his millions of followers on social media that he wouldn't be selling TSLA after April 28.
According to a financial research firm, Musk has sold 94 million shares so far this year at an average price of $243.46 per share for pre-tax proceeds of $22.93 billion.
In an e-mail to CNBC on Wednesday, Ben Silverman, director of research for VerityData wrote, "Musk's prior sales going back to November 2021, were strategically timed, so investors need to pay attention to Musk's actions and not his words."
He continued to sell some of his holdings after agreeing to buy the social media company. In October, the acquisition closed. Musk immediately became the CEO of the social media company.
Musk told employees that he sold his shares to save the company.
Since he took on that new responsibility, the shares have fallen further.
The company's market cap dropped to $505 billion after shares ofTesla closed down 2.5%. The company's shares were down more than 50% year-to-date.
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