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Tesla board members, executive sell off over $100 million of stock in recent weeks (abcnews.go.com)
submitted 1 year ago by to c/news@lemmy.world
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Summary

Tesla board members and executives have sold over $100 million in stock since early February as the company's shares decline.

Board member James Murdoch sold $13 million in stock on March 10, coinciding with Tesla's worst single-day drop in five years.

Kimbal Musk sold $27 million in shares last month, and board chair Robyn Denholm offloaded over $75 million through a predetermined plan.

The sell-offs come as Tesla’s stock has fallen nearly 50% since December.

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[–] 5 points 1 year ago (1 child)

There's a hole in that theory. musk has secured billions of credit with his Tesla shares. If Tesla goes down, musk goes down

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  • [–] 13 points 1 year ago (2 children)

    If musk owes the bank a million dollars, musk has a problem. If musk owes the bank billions of dollars, it’s the banks problem.

    In other words, the banks will bend over backwards to support him, his businesses, and his loans, whatever gives them the best chance of collecting.

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  • [–] 9 points 1 year ago*

    Yes, he will have to sell stock, which further continues the death spiral of tesla and musk. Genius hasnt deversified and is all in on Tesla and is in debt. "The richest man on earth" is just his stocks. When he loses that, he lost everything.

    The bank doesnt care, they will get their money. musk does indeed care.

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