London Daily

Focus on the big picture.

The Week Elon Musk Slipped To 2nd Richest, He Sold $3.6 Billion Shares In Tesla

The Week Elon Musk Slipped To 2nd Richest, He Sold $3.6 Billion Shares In Tesla

The Tesla share sale happened around the same time this week when Bernard Arnault, the owner of luxury goods firm LVMH, displaced Elon Musk as the world's richest person
Tesla chief executive Elon Musk has sold $3.6 billion worth of shares in the electric vehicle firm, according to a filing in the United States Securities and Exchange Commission.

The sale happened around the same time this week when Bernard Arnault, the owner of luxury goods firm LVMH, displaced Mr Musk as the world's richest person.

Mr Musk has so far this year raised over $20 billion by selling his shares in Tesla. He has been raising money to pay for his $44 billion acquisition of Twitter.

The regulatory filing, however, does not mention the purpose of the latest share sale.

Mr Musk, 51, has seen his fortune fall by more than $100 billion since January to $168.5 billion, according to the Bloomberg Billionaires Index as of 10.20 am in New York on Wednesday.

Mr Musk's fall from atop the rankings - the first time that has happened since he was No. 2 in September 2021 - caps a tumultuous year for the frenetic billionaire.

He shocked the world in April with his offer to take Twitter private for $44 billion, in a brazen display of how the wealthiest individuals could wield their massive fortunes.

Tesla shares also extended declines to hit their lowest level in more than two years on Wednesday, as investors including a "fanboy" of Mr Musk lashed out at his distraction from the electric car company following his buy of Twitter.

"Elon abandoned Tesla and Tesla has no working CEO," KoGuan Leo, the third largest individual shareholder of Tesla, who describes himself of Mr Musk's "fanboy," tweeted on Wednesday.

"Are we merely Elon's foolish bag holders?" he said. "An executioner, Tim Cook-like is needed, not Elon."
Newsletter

Related Articles

London Daily
0:00
0:00
Close
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
India Advocates Peace and Prosperity: PM Modi's Speech in Austria
New UK PM Keir Starmer Reaffirms Strong Support for Ukraine at NATO Summit
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
UK Police Arrest Suspect in Crossbow Attack After Three Women Killed
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
France Faces Political Turmoil and Airport Strikes Ahead of Paris Olympics 2024
Putin Hosts PM Modi for a Private Meeting
TSMC: The Taiwanese Chip Giant Valued Over $1 Trillion
Boeing Pleads Guilty Over 737 MAX Crashes
2024 Predicted to Be World's Hottest Year
Iran's President-Elect Masoud Pezeshkian Reiterates Support for Hezbollah
White House Denies Biden Being Treated for Parkinson's Disease
Biden to Meet New UK Prime Minister Keir Starmer
Biden Insists on Continuing Presidential Race Amid Criticism
UK Defence Minister Pledges Enhanced Support to Ukraine
French Prime Minister Gabriel Attal Resigns After Election Setback
Macron Faces New Political Challenges Despite Election Relief
France's Far-Right Falls Short in Parliamentary Elections
Key Figures in France's Left-Wing New Popular Front Bloc
England Reaches Euro 2024 Semifinals After Penalty Shootout Win
Rishi Sunak Apologizes After Historic Tory Defeat
Voter Discontent in Recent UK and French Elections
Trump was recorded attacking Biden: "I kicked the old pile of shit"
Understanding the MRP Method in UK Elections
US Officials Resign Over Biden's Gaza Policy
First-Time Immigrant Voters Aim to Influence UK Elections 2024
Reform UK Receives Major Donations from Brexit Campaign Group
Tata Steel Strike Called Off, Paving the Way for Crucial Talks
Sir Keir Starmer's Acceptance of Substantial Gifts from UK Donors
New Zealand Introduces Law to Make Tech Giants Pay for News
NASA Astronauts Stranded in Space Due to Boeing's Starliner Issues
OpenAI and Microsoft Sued for Copyright Infringement
Starmer Vows to Renegotiate Brexit Deal Amid Far-Right Rise in France
Monster Hurricane Beryl Hits Caribbean as Category Five Storm
EU Charges Meta with Breaching Antitrust Rules
Biden's Debate Performance Unites Democrats and Republicans
Prison Officer Faces Court Over Inmate Sex Video
Jude Bellingham's Iconic Euro 2024 Goal: A Historic Moment for England
Campaigners Push for Emergency Uplift Visa for Palestinians Escaping Gaza Conflict
French Elections: Battle to Thwart Far-Right Takeover
Supreme Court Grants Trump Partial Immunity, Delays Trial
China Criticizes US Restrictions on AI Investments
×