Between Monday and Wednesday, Musk sold over 20 million of his company's stock. According to a regulatory filing, the sale is worth over $3 billion. Less than a month after selling nearly $4 billion worth of shares, Musk dumped another billion.
Musk hasn't given a reason for the share sell, or if he is done for the day. In April and August, he sold off billions of dollars of his company's stock.
Musk has roughly $65 billion worth ofTesla stock.
The sell came as investors raised concerns over Musk's involvement with the social networking site, which the executive recently took over. The investors argue that Musk's involvement with the social media platform is detrimental to the company. After hours on Wednesday, the stock was down 60.8% from the beginning of the year, and is on track for its worst performance of the year.
Some analysts think that Musk's answer to high interest debt is the stock sell. The company took on $13 billion in debt as part of the deal and pays an interest rate of 11.5%).
It doesn't seem like the sell was planned and it's not clear if Musk is done selling. Friday is the last day for Musk to sell more stock before the end of the quarter. When it comes to selling stock, some investors are frustrated. He used to say he wouldn't sell shares. Musk said he was done selling when he returned earlier this year. He dumps stock three times.
As the company's stock price continues to slump, some of the company's most hardcore investors are begging Musk and the board to buy back their shares. During the company's Q3 earnings, Musk said that the company is likely to do a stock buy back next year.
On the same day that the Federal Reserve raised its benchmark interest rate, Musk dumped his stock. When interest rates go up, stock prices go down, so Musk could have been selling in anticipation of the stock going down.
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