Tesla shares fell this week after Musk kept a promise he had made on his personal Twitter regarding the sale of $ 5 billion worth of shares.
Shares of Tesla fell 0.4% to $ 1,063.51 during the closing session this week (Thursday) after the CEO of the world's leading electric car (EV) company, Elon Musk, sold $ 5 billion of its shares as a result of a Twitter user poll that prompted him to sell it.
According to sources, this is the second time Musk has sold his shares after the first time he did so in 2016. Musk has sold 3.6 million of his shares worth nearly $ 4 billion and another 934,000 shares totaling approximately $ 1.1 billion.
The sale saw Musk lose 3% of its 23% stake in Tesla including several other preferred shares in addition to shares of his company, SpaceX.
Following the story of the sale of Musk shares, he took the action on instructions by the U.S. Senate Democrats who ordered millionaires to pay taxes as part of spending on President Joe Biden’s social activities.
Meanwhile, the EV industry is witnessing an encouraging trend with demand for EVs continuing to increase.
While Tesla collapsed, shares of Rivian Automotive and Lucid Group rose in the Wall Street market.
Shares of Rivian Automotive Inc, which made its outstanding debut, continued its upward momentum by jumping 22% while Lucid Group, an EV motoring company, also posted a gain of 10%.
