Elon Musk sold 22 million Tesla shares for $3.6 billion days before a weak report was released, after which the company’s Nasdaq listings fell 12% in one day, The WSJ has found. If Musk had sold the shares after his stock price plunged, he would have earned $1.2 billion less.

Elon Musk sold $3.6 billion worth of Tesla stock before its value collapsed due to weak reporting

In December 2022, Tesla CEO Elon Musk sold 22 million Tesla shares, raising $3.6 billion for them. On January 2, the electric car maker released a quarterly report that disappointed investors: In it, Tesla announced a 40% increase in shipments, even though it had expected a 50% increase.

The day after the report was published, Tesla shares on the Nasdaq stock exchange fell 12% in a trading session. According to the newspaper, the value of the package sold by Musk before the stock crash fell by $1.2 billion.

James Cox, a professor at Duke University in the United States, said in a commentary for the newspaper that what happened should be of interest to the SEC (United States Securities and Exchange Commission). Important in this situation is that before making a decision, Musk knew what the market expected from Tesla, and he was aware of the results of the company’s work, the expert noted.


Kirill Bilyk

Source: RB

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.


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