Elon Musk has sold $3.95 billion worth of Tesla stock after closing his $44 billion acquisition of Twitter late October.
According to filings with the Securities and Exchange Commission, the billionaire sold 19.5 million shares of Tesla this week.
Musk sold almost $22 billion worth of Tesla shares in 2021, a year when the stock jumped over 50%. This year, he sold over $8 billion worth of stock in April and roughly $7 billion worth in August.
After buying the social media company October 27, Musk waited until November 4 to start selling additional Tesla shares. He also sold blocks of Tesla stock on Monday and Tuesday this week.
Musk said last week that Twitter has seen a “massive drop in revenue,” as a growing number of advertisers pause spending on the platform. As analysts are waiting to see how Twitter’s new leadership can impact on the company’s sales, Musk blamed “activist groups” for pressuring advertisers.
Twitter lost $270 million in the quarter ending June 30, well before Musk took over and advertisers began to flee.
Tesla shares, which have lost 46% of their value so far this year on disappointing sales caused by supply chain problems.
These latest sales represent the lowest price at which Musk has sold Tesla shares, off about 30% from his sales in April and August.