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According to a securities filing, Musk sold 22 million of his shares in the company. His first sale was after he bought the micro-messaging service for $44 billion.
NurPhoto | Getty Images Even though Musk lost his position as the richest person in the world to Bernard Arnault, he has sold almost 40 billion of his shares in the company. It was the lowest point in over two years for the stock of the company.
According to CNBC, 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.
The director of research at VerityData told CNBC in an email that Musk's sales were timed so that he wouldn't say anything that would hurt the stock.
According to a New York Times report, Musk has been cutting costs at the social media giant by not paying rent for its San Francisco office or other locations around the world. According to the Times, he might not pay severance packages to fired workers. It is possible that he will have to use some of his new profits to pay for more lawyers.
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