American billionaire, Elon Musk, on Wednesday, November 9, 2022, lost $3.9 billion (N1.73 trillion) following the sale of part of his shares owned in Tesla.
The world’s richest man’s wealth fell below $200 billion by -1.94% to $197.4 billion, indicating the aforementioned loss as at the time of filing this report.
According to a corporate document filed with United States Securities and Exchange Commission (SEC), Musk recorded the loss seen in Forbes Billionaire Index after the sale of 19.5 million Tesla shares worth $4 billion.
Following the filing of the document with SEC, BizWatch Nigeria understands that investors reacted negatively to Tesla’s share by dumping stocks and distancing themselves from the equity in the capital market.
A share sale by a majority shareholder of a publicly listed company often scares minority investors to also dump shares out of fear that the stock might depreciate, affecting their investment value.
More so, investors were also said to might be discourage to hold Tesla’s share over fear that the affair of Twitter could overwhelm the billionaire, and make him reduce his attention to the production of electric vehicle.
Meanwhile, Tesla shares last traded $181.58, representing a 5.081% decrease when compared to the $191.30 it traded on Tuesday, November 8.
