Elon Musk, a multi-billionaire, has sold an additional 22 million shares in Tesla, valued at $3.58 billion (£2.9 billion).
According to a filing with a US financial authority, the shares were sold on Monday, Tuesday, and Wednesday of this week.
With this sale, Mr. Musk has now sold roughly $40 billion worth of Tesla stock in the previous year.
This week, Mr. Musk lost his title as the richest person in the world.
The newest share sales motivation was not made public.
With a 13.4% stake, he is still Tesla’s largest stakeholder, according to financial market data source Refinitiv.
Just days after successfully completing a $44 billion buyout of the social media giant Twitter, Mr. Musk disclosed last month that he had sold 19.5 million Tesla shares worth $3.95 billion.
Investors are worried that Elon Musk’s takeover of Twitter is taking his focus off of Tesla, which has been one of the worst-performing stocks among big manufacturers and tech companies this year.
For the first time since 2020, the value of Tesla shares traded on the New York market’s heavily weighted Nasdaq index ended below $500 billion on Wednesday.
The corporation had a value of more than $1 trillion at the end of last year, but in subsequent months, its value has declined.
Since completing the acquisition of Twitter in October, Mr. Musk has devoted a lot of his attention to the company.
In order to finance his purchase, Mr. Musk sold shares of Tesla for billions of dollars, which aided in the share price decline.
After months of legal fighting, the Twitter takeover was finally finalized. Some have suggested that the takeover’s distraction contributed to the drop in Tesla stock price.
Investors are also concerned that when the economy declines, higher funding costs discourage consumers, and rival companies expand their electric vehicle offers, demand for the company’s electric cars may slow.
Recalls and government investigations into crashes and its autopilot system have both damaged Tesla.
Due to a significant decrease in the value of his Tesla stock this year, Mr. Musk lost his title as the richest person in the world this week.
He was surpassed at the top position, per Forbes and Bloomberg, by Bernard Arnault, the head of luxury goods company LVMH.
According to Forbes, Mr. Musk is now worth $174 billion and Mr. Arnault is worth close to $191 billion.