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Soon after closing his Twitter deal last month, the world’s richest man Elon Musk reportedly sold $3.95 billion worth of his Tesla (NASDAQ: TSLA) stock holdings. As per the filings submitted to the U.S. Securities and Exchange Commission (SEC), Elon Musk sold 19.5 million additional Tesla shares recently.
This year itself, Musk has dumped nearly $19 billion worth of Tesla stock, after already selling $21 billion worth of TSLA stock in 2021. The recent sell-off comes as Musk seeks capital to fund his $44 billion Twitter acquisition.
On Tuesday, Nov 8, the Tesla stock (NASDAQ: TSLA) once again came under selling pressure as the news regarding Musk’s stock sale broke out. The TSLA stock ended trading 3 percent down at a price of $191.70 With the recent plunge in the Tesla stock price, Elon Musk’s net worth plunged from over $200 billion, all the way to $194 billion.
Since the talks of the Twitter deal in April, Musk has lost $70 billion of his total net worth. A majority of this drop has been due to the correction in the TSLA stock this year. While the Nasdaq Composite is down 33 percent this year, the TSLA stock is down more than 52 percent since the beginning of 2022.
However, Musk still continues to enjoy the tag of the world’s richest man. Also, his net worth is still $40 billion more than the second-richest man on the planet.
Elon Musk has been one of the biggest proponents of memecoin DOGE over the last few years. Interestingly, Elon Musk is of the view that Dogecoin is better than Bitcoin as a cryptocurrency for daily payments. In the past, prior to acquiring Twitter, Elon Musk hinted at getting Dogecoin (DOGE) payments for Twitter.
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As Musk officially took over Twitter last month, the Dogecoin (DOGE) price witnessed a massive price rally gaining nearly 150 percent in a week’s time. The DOGE community celebrated Musk’s Twitter acquisition followed by a strong retail purchase of the memecoin. Dogecoin (DOGE) has corrected from its 2020 high but the continues to be among the top ten digital assets by market cap.
However, since the Twitter acquisition, Elon Musk has remained silent over the Dogecoin-Twitter integration. During Halloween, he just teased an image of his Shiba Inu dog wearing a Twitter t-shirt hinting at a potential integration in the future. As Musk has been selling his Tesla stock so rapidly, it is unlikely that he will put that money in DOGE or any other crypto at this point.
Musk’s focus majorly has been on getting things right at Twitter. During the conference last week, Musk told Musk told hedge fund manager Ron Baron: “Once Twitter is set on the right path, I think it is a much easier thing to manage”.
Earlier this year in July, Tesla also liquidated 75 percent of its Bitcoins taking the industry by surprise. Musk previously stated that he was serious about holding the crypto for a long time.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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