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Tesla Bear Run Continues As Elon Musk Sells Another Chunk Of Shares

Elon Musk exercised his options and sold another $930 million worth of Tesla shares on Monday which dropped the stock price to nearly 2% on that day.

Day after day, the stock price of Tesla is falling. It all started it Elon Musk conducting a Twitter poll, asking the Twitterverse whether he should sell his holdings to pay tax.

A large number of people voted in favor of Musk selling his holdings. The Tesla CEO said that he would abide by the results of the poll and ended up selling nearly $7 billion worth of Tesla shares.

Elon Musk Sells Another Large Chunk Of Tesla Shares

The Dogefather has recently dumped another $930 million worth of Tesla shares on Monday at prices ranging from $6.25 to $1,028 a share.

The stock price of Tesla fell by nearly 2% on Monday. On November 8, the stock hit an all-time high of $1,243.49. After this, the bear run of Tesla stock began. Last Monday, the price dropped by 7%. 

For the past 5 days, the stock is down by 13.67% and since November 8 it is down by more than 17%.

However, Musk wasn’t the only one selling a large number of Tesla shares. Cathie Wood and Kimbal Musk revealed that they have sold a large chunk of Tesla shares.

Moreover, Elon said in September that he intended on selling a large chunk of stock in the fourth quarter

Although Musk has specified that he is selling his shares to pay taxes, Michael Burry has something different to say.

The investor stated that Elon Musk is not selling Tesla shares to solve world hunger or pay tax, but to cover his debt. Musk has pledged a large number of shares as collateral for his debts.

Despite the recent fall, Tesla stock is up by 148.33% for the past year.

Rahul Macwan

Rahul Macwan

A writer with a literary and cinematic appetite for highbrow matter.


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