Multi-billionaire Elon Musk sold another 22 million shares worth $3.58 billion (£2.9 billion) in electric car maker Tesla. That brings the total number of Tesla shares sold by Mr. Musk over the past year to nearly $40 billion.
The stock sold were sold on Monday, Tuesday and Wednesday this week, according to filings with US financial regulators. According to financial market data provider Refinitiv, he remains Tesla’s largest shareholder with a 13.4 percent stake. The reason Mr. Musk sold his huge part of his shares in Telsa has not been revealed yet.
Musk lost his position as the richest person in the world earlier this week.
Last month, Musk announced he had sold 19.5 million shares of Tesla for $3.95 billion, just days after completing a $44 billion acquisition of social media platform Twitter.
Musk lost his position as the world’s richest person this week after the value of his Tesla stock plummeted this year.
According to Forbes and Bloomberg, he was replaced by Bernard Arnault, CEO of luxury goods group LVMH. Mr. Musk’s net worth is now $174 billion, according to Forbes, while Arnaud’s is nearly $191 billion.