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Elon Musk, the CEO of Tesla, reportedly sold an additional 22 million shares of his electric car company for about $3.6 billion, according to a financial report made public yesterday. The transactions were recorded in a document submitted to the Securities and Exchange Commission this week, from Monday through Wednesday.
Musk stated earlier this year on social media that he had no TSLA sales scheduled after April 28. It turned out that they were planned, and even for such a large sum. Musk generated about $22.93 billion in pre-tax income this year, selling 94,202,321 shares at an average price of $243.46, according to financial research firm VerityData.
Tesla shareholders should focus on Musk's actions rather than his words or their absence because experts think his actions are carefully thought out. Musk is liquidating his holdings to pay off debts incurred after deciding to purchase Twitter in a deal valued at $ 44 billion. The end of October saw the completion of the acquisition. Musk, also the CEO of SpaceX, a significant defense contractor, appointed himself CEO of the social network immediately after the purchase and started to put things in order there, which many people did not like.
Tesla stock has been losing value all year, and after hearing that the social network was being bought, it started losing value again.
Premarket
On Wednesday, Tesla shares dropped 2.6% to $156.80, lowering the company's market capitalization to $495 billion. The shocking 55% decline in Tesla stock since the start of the year is a major setback.
After CEO Chris Winfrey announced at an investor event that the company would invest $5.5 billion over three years to modernize its high-speed Internet network, shares of Charter Communications dropped 16.38%.
Securities for Plug Power increased 7.80% after UBS began stock coverage with a target price that suggests the stock can increase by more than 80%. According to UBS, investors undervalue the hydrogen fuel cell manufacturer's growth potential.
The airline Delta's shares increased 2.79% after it stated that the tourism boom is still going strong and that it anticipates profits to nearly double in 2023.
According to the S&P 500's technical picture, the index might keep declining. Today, securing $3,923 will be of utmost importance. We can anticipate a rise in demand as long as trading is done above this range. Additionally, this establishes favorable conditions for enhancing the trading instrument to $3,983 and $4,010, with the potential to reach $4,038 and $4,064. At $4,091, a little higher will be very challenging to surpass. Buyers have to declare themselves around $3,923 in the event of a downward movement, as pressure on the index will rise below these levels. The trading instrument will quickly reach $3,894 on a breakdown, with the $3,861 region serving as the farthest target.
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