Shares in electric car maker Tesla made their second day at a loss after CEO Elon Musk dumped 934,000 shares.

At the close of the stock market on Tuesday, the securities were trading at $ 958.51 each, representing a drop of 0.82 percent.

The sale will continue, as Elon Musk seeks to get rid of 10% of his papers, so he still needs to place around $ 4.8 billion to $ 5 billion on the market.

So far Musk has sold a total of $ 12.7 billion in securities.

Tesla shares have been affected as they have fallen 21.57%, since the day Elon Musk announced via Twitter that he would put his company’s papers up for sale. “There is a lot of talk lately that unrealized gains are a form of tax avoidance, which is why I propose to sell 10% of my Tesla stock,” Musk wrote on his Twitter account.

This has also caused the company’s market value to fall below a trillion dollars, now reaching 962.598 million dollars.

Jeff Bezos is another of the entrepreneurs who has sold shares, since he sold 8.8 billion dollars in securities of his company, Amazon, throughout this 2021.

[email protected]

Trending on Canadian News  Angelina Jolie breaks down in tears as she meets Ukrainian children

Leave a Reply

Your email address will not be published.