Elon Musk Unloads his Tesla Shares

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Elon Musk unloads his Tesla shares after stomping down from the ‘richest’ position

Elon Musk lost his No.1 spot on Bloomberg’s ranking of the world’s richest people and now he is trying to gain back his worth by selling off his Tesla shares. According to reports, Elon Musk unloads his Tesla shares for the fourth time this year, a shocking turn of events, given he became the richest person in the world after toppling the multi-billionaire, Bill Gates.

According to a filing made public late on Wednesday in the US, Tesla's CEO sold approximately 22 million shares of the electric vehicle manufacturer for $3.58 billion. The transactions took place from December 12 to December 14. As investors grow more concerned about Musk's US$44 billion purchase of Twitter Inc., along with concerns about rising interest rates that will increase consumer car prices and problems with demand in China, Tesla's second-largest market after the US, Tesla shares have fallen by 55% this year.

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Musk sought to back out of the Twitter transaction for months, but was unsuccessful. He sold more than US$15 billion in Tesla shares, around US$8.5 billion in April and another US$6.9 billion in August, to raise the money for the purchase. After pledging to stop selling in November, he sold off an additional US$3.95 billion of his stock.

Currently, Elon Musk is suffering from the after-effects of buying Twitter and causing major mishaps to the platform. He fired several employees and re-hired them back! The tech community is constantly keeping tabs on him and tracking his every move. Experts say more criticisms wait for him and his tactics in the emerging months.