Musk has said on social media that he plans to stop selling his shares in Tesla and to soon step down as Twitter CEO. AP Elon Musk offloaded about 6.9 billion worth of Tesla stock in a move he said was done. Formerly the world’s wealthiest man, Musk’s fortune is down 58% from its November 2021 peak, dropping 2.2% Friday to $135.4 billion, per Forbes’ calculations. Updated In his latest business move, Elon Musk has sold another huge load of Tesla stock. Musk, who first agreed to buy Twitter last April and finally took over the social media company in October, has sold $22.9 billion in Tesla stock since April and spent much of his time leading Twitter as its CEO. The latest Tesla nosedive comes during a strong day for the broader market, with the Dow Jones Industrial Average gaining 1.1%, or 370 points, after the latest employment data revealed a weakening labor market, a sign that the Federal Reserve may soon stand down on its most aggressive interest rate increases. I think that’s going to be one of the biggest challenges he faces.The primary drag on Tesla stock recently has been concerns about demand, which the company is “doing the right strategic moves” to address, Ives said, but added that a majority of Tesla’s 2022 selloff was driven by the actions of Tesla CEO Elon Musk and his high-profile Twitter takeover. There’s a lot more options than there were even a year ago, two years ago now. For the first time ever, we’re seeing the really true and viable competitors to Tesla coming out. And until the tail end of 2016, Tesla was enduring a slow stock price slide. Some of that drop has come from his share sale to fund. The charging networks are getting better and better. Teslas stock price volatility had briefly faded, only to return. Tesla’s market value has declined by about 400bn since chief executive Elon Musk secured financing to buy social media firm Twitter. He initially sold 8.5 billion shares in April, another 6.9 billion in August. These are very software-heavy cars, lots of screens, lots of performance. Elon Musk began selling large blocks of Tesla stock in April 2022 to help finance his purchase of Twitter. I provide 4 reasons why this is a game changer for the current sell-off in the short term. They’re deploying the playbook that Tesla used for years. News What Tesla Stock Investors Should Know About The Latest Elon Musk Trial Licensing KIT NORTON 04:03 PM ET Tesla ( TSLA) stock is looking to advance once again as Tesla. Reuters reported that Elon Musk said he will not sell Tesla stock for the next 2 years. Earlier sales of Tesla shares in 2022 helped Musk fund the purchase of Twitter. He’s not going to admit that.īut I also think that the biggest challenge Tesla faces specifically is that every other automaker is getting into the EV arms race, in a big way. Earlier this month, Elon Musk sold another 3.6 billion worth of Tesla stock for reasons that have not been made public. I think that’s really antithetical to the Tesla story. So, what Elon is missing, I think, is, if you’re a Tesla bull, you’re not going to want to admit that demand for these cars is weakening. If interest rates go up, people aren’t going to be buying cars, even if the pent-up demand is there. They’re struggling to get their EVs on the road, and they’re nervous about ’23, too. Something like 45 to 50 grand is the average new car price. The average new car price is through the roof. They all, almost across the board, struggled with production, struggled to get cars out to people, and prices started skyrocketing. I think the whole auto industry is nervous going into 2023 2022 was not great. I think that what he’s saying is definitely part of the equation here. 20 hours ago &0183 &32 01:47 Elon Musk says Tesla intends to make a ‘significant’ investment in India after meeting with PM Modi 02:22 Maybank’s ASEAN presence gives it a ‘good foundation’ to reap the region’s.
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