Tesla CEO Elon Musk sold shares in the electric car manufacturer worth a total of 6.9 billion dollars last week.
According to the American Securities and Exchange Commission, Musk sold 1.2 million Tesla shares on Friday alone.
For the entire week it was 6.36 million.
Over the week, the share price lost 15 percent.
Musk, who is considered the richest person in the world, is the largest shareholder in the group. On November 6, he announced the sale of 10 percent of his shares via Twitter and linked this to the outcome of a Twitter vote on this question. Seeing this condition met, he started sales last week. According to calculations by the Reuters news agency, Musk would have to get around 10 million papers to keep his promise.
Analysts suspect that Musk has instructed its banks to sell the paper as gently as possible. "In view of the high prices, he is seizing the opportunity," said Frank Schwope from NordLB. The sale of the shares also suggests that Musk's share price may have gotten too high. “Perhaps Musk is also worried about the high market capitalization or the value of his shares, as the competition with Rivian, Lucid, NIO, Xpeng and others is increasing significantly,” says Schwope. According to media reports, Musk's brother Kimbal is also said to have sold a large block of shares.
The Tesla rate has risen massively this year, especially in October.
The stock market value of the automaker rose to more than a trillion dollars in the wake of the price rally.
In the past week, market capitalization then fell by around $ 187 billion.
She and the course had gained 11 weeks in a row.
The price increase compared to the start of the year is still more than 46 percent.
This means that Tesla continues to be the most valuable automaker in the world.
At the close of trading on Friday, the price was just over $ 1,033.