Tesla Inc Chief Executive Elon Musk sold another block of company stock for about $ 700 million, according to filings Friday, as the billionaire takes advantage of a meteoric rise that pushed the electric carmaker’s value to more than US $ 1 trillion.
The second round of strong stock sales this week comes a few days after the world’s richest person and largest shareholder in Tesla He tweeted that he would sell 10% of his shares if users of the social media platform approved the measure.
Musk disclosed the additional share sale, which was worth $ 687 million, in a filing with the regulator after divesting $ 5 billion worth of papers earlier in the week.
The sale of shares, which marked the first time Musk As a result of a stake of that size since the electric car maker was founded in 2003, it was very large by capital market standards, more important than the initial public offerings of most companies.
“Tesla investors are exhausted after the roller coaster they’ve been on. I don’t expect a big impact on the stock price after what we’ve already been through.”Said Fiona Cincotta, Senior Market Analyst at City Index in London.
So far this week, Tesla has lost $ 157 billion in market value, more than the combined market capitalizations of Ford Motor Co and General Motors Co. Despite these losses, Tesla it remains the most valuable American automaker.
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