Elon Musk sold roughly $ 7 billion worth of Tesla shares this week, and the stocks had their worst week in more than a year

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Billionaire Elon Musk sold nearly $ 2 billion on Thursday and Friday.

Filings released on Friday with the Securities and Exchange Commission showed that Musk sold more than 600,000 Tesla TSLA, -2.83% shares and exactly 1.2 million in Friday’s trading session, totaling nearly $ 2 billion brought in. The sales follow revelations earlier this week that the electric car maker’s CEO sold more than 4.5 million Tesla shares for approximately $ 5 billion.

The richest man in the world asked his Twitter followers last week to sell 10% of his 170 million+ shares and the answer was yes. After selling roughly 6.3 million shares this week, Musk would still not be halfway through, and less than a third of that, if he didn’t count his Monday sales, which came from options he exercised and made, to the given plan to pay the taxes on these options.

Tesla stock had its worst week since the markets swooned at the start of the COVID-19 pandemic in March 2020; Three weeks in February and March last year are the only weeks worse than what Tesla just had, adjusted for stock splits. Stocks lost a total of 15.4% for the week, posting a streak of 11 straight weekly gains.

In the first SEC filings of the Form 4 released on Friday, Musk announced that it sold 639,737 shares in the open market on Thursday in a series of transactions priced between $ 1,104.01 and $ 1,056.318. On Thursday, the stock was up as much as 3.5% to an intraday high of $ 1,104.97 before reversing and falling as much as 1.2% to a low of $ 1,054.68 before breaking zero , Closed 4% at $ 1,063.51.

The weighted average price of the 44 sales transactions recorded in two separate filings was calculated by MarketWatch to be $ 1,074.343.

FactSet, MarketWatch

The records show that Musk, as the trustee of the Elon Musk Revocable Trust, was the indirect owner of the shares sold.

According to the weekly sales, the records state that Musk is still an indirect owner of 166,285,682 shares valued at $ 171.8 billion at current prices. Tesla ended the week with a market cap of $ 1.04 trillion, enough to make it the fifth most valuable US company.

Despite the recent weakness, Tesla stock is still up 41.7% over the past three months, while the S&P 500 Index SPX is up + 0.72%, up 4.8%.

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