Tesla stock rises despite Musk selling $3.58B of its shares

Shares of Tesla rose slightly in midday trading Thursday despite news that CEO Elon Musk sold another $3.58 billion worth of the electric vehicle maker’s stock this week.

The stock traded at $157.06 at midday, near its two-year lows, but it was faring better than the broader markets.
Musk, the new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission. It wasn’t clear where the proceeds were being spent.
Musk has sold nearly $23 billion worth of Tesla stock since April, with much of the money likely going to help fund his $44 billion acquisition of Twitter. Early last month he sold nearly $4 billion worth of Tesla shares, according to regulatory filings.
The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock.

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