Tesla stock slips as CEO Musk sells another $3.58 billions of shares
Shares of Tesla are sliding before the market open on Thursday after news broke that CEO Elon Musk sold another USD 3.58 billion worth of the electric vehicle maker's stock this week.
The stock slipped to USD 153 in premarket trading and is nearing two-year lows.
Musk, the new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission. It wasn't clear where the proceeds were being spent.
Musk has sold nearly USD 23 billion worth of Tesla stock since April, with much of the money likely going to help fund his USD 44 billion acquisition of Twitter. Early last month he sold nearly USD 4 billion worth of Tesla shares, according to regulatory filings.
The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock.
Wedbush analyst Dan Ives said in a client note that .