Elon Musk Sells About $4bn Worth of Tesla Shares

Tesla boss, Elon Musk has sold another 19.5 million shares of the electric car maker worth $3.95bn, filings with the US financial watchdog have shown.

The news comes less than two weeks after the world’s richest man completed his $44bn takeover of Twitter.

Tesla’s share price has fallen by more than 50% since the start of this year, according to reports.

Meanwhile, Tesla is recalling over 40,000 of its vehicles in the US because of a potential problem with their power-steering.

The latest sale brings the total value of Tesla shares sold by Mr Musk to almost $20bn since he announced earlier this year that he had bought a stake in Twitter.

He sold $8.5bn of Tesla stock in April this year and around another $7bn worth in August.

Also in August, Tesla shareholders approved a three-for-one stock split, which is said to be behind part of the fall in the value of the shares.