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Tesla (TSLA, $177.59) boss Elon Musk has sold another 19.5 million shares of the electric car maker worth $3.95 billion, filings with the US financial watchdog show. The news comes less than two weeks after the world's richest man completed his $44bn takeover of social media platform Twitter.
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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 in August. In August, Tesla shareholders approved a three-for-one stock split, which is behind part of the fall in the value of the shares.
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The sale came just weeks after Tesla reported $3.3 billion in profit and $21.45 billion in revenue for the third quarter – falling short of Wall Street expectations – which caused a 4% drop on the day. Tesla’s value has dropped 46% this year, but Musk’s net worth remains just under $200 billion.