Home Investing Pro reacts to Musk selling another $3.6 billion of Tesla shares

Pro reacts to Musk selling another $3.6 billion of Tesla shares

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Elon Musk just can’t seem to turn it off.

The billionaire chief executive sold another 22 million shares of Tesla Inc (NASDAQ: TSLA) this week, per an SEC filing on Thursday.

How much did he sell this time?

Proceeds from this sale were worth about $3.60 billion. That’s concerning because Musk had told investors in April that he was done selling Tesla shares.

Still, it’s already the second time (read more) he’s sold more of them since buying Twitter Inc in late October. According to VerityData, the billionaire has sold 94,202,321 shares this year in total generating about $22.93 billion.

Tesla shares are now trading at a price last seen in the final quarter of 2020. Elon Musk is yet to make an official comment on this stock market news.

Expert’s outlook on Tesla shares

Reacting to the filing on CNBC’s “Squawk on the Street”, Gary Black – Managing Partner at the Future Fund LLC agreed that there wasn’t anything wrong with the fundamentals of Tesla Inc but the noise around Twitter must be muted for this stock to regain its glory.

We’d like to see Elon bring in a CEO for Twitter from the social media space. And I believe the board is pressuring him to do that. I can’t imagine a board letting him spend so much time rebuilding a company from the ground up.

Black, in fact, sees several catalysts for Tesla moving forward, including Cybertruck and the Inflation Reduction Act. He expects the EV company to launch a $10 billion share repurchase programme in 2023 as well.

For the year, Tesla shares are now down more than 60%.

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