Elon Musk offloads more Tesla shares as company loses its $1tn valuation – The National

Elon Musk offloads more Tesla shares as company loses its $1tn valuation – The National

Elon Musk, co-founder and chief executive of electric vehicle maker Tesla, sold another 934,091 shares of his car company worth about $906.5 million, a filing with the US Securities and Exchange Commission showed.

This move apparently cost the California-based carmaker its $1 trillion market capitalisation mark. The current market cap of the company is about $947.3 billion, bringing it below the $1tn mark for the first time since October 25.

Tesla joined the $1tn market capitalisation club in October as the company’s stock surged to a high of more than $1,000 a share nearly 11 years after the company went public.