Tesla CEO Elon Musk has shared that he has not sold any of the EV giant's stock in the past three years.
Bought A Billion Dollars Worth Of Stock
Responding to a now-deleted post by influencer Mario Nawfal on the social media platform X on Sunday, the billionaire shared that he hadn't "sold stock for about 3 years." Musk also added that instead, he has invested in acquiring more Tesla shares. "bought a billion dollars of Tesla stock last year," he said in the post.
A quick review of SEC filings confirms Musk's claims, as the CEO has purchased over 2.57 million Tesla shares. The trade was valued at almost $1 billion. Musk bought the stock at $389 per share. Musk also sold Tesla shares back in 2022, which was well over three years ago.
Tesla's New Lithium Refinery
The news comes as Tesla revealed a new Lithium refinery in the U.S., which is the first-of-its-kind facility. Musk also shared that this was the largest Lithium refinery in North America.
The facility would help extract Lithium Oxide from Spodumene, which is a naturally occurring ore described as a crucial source of lithium. The facility could also be crucial for Tesla’s booming energy storage business.
Ross Gerber Slams Musk
Ross Gerber, co-founder of investment firm Gerber Kawasaki, shared that Musk could also be blamed, in part, for the sector-wide rollback of EVs. Musk has shared close political ties with President Donald Trump, being instrumental in the latter's re-election campaign.
Cathie Wood Touts SpaceX
Investment firm ARK Invest‘s CEO, Cathie Wood, has touted Musk’s commercial Space flight company, SpaceX, as the next trillion-dollar company amid talks of a potential IPO for the company this year. The comments come as ARK recently sold 86,139 shares of Tesla worth about $37.8 million.
According to Benzinga Edge Rankings, Tesla scores well on Momentum and offers a favorable price trend in the Medium and Long term.
Price Action: TSLA slipped 0.24% to $437.50 at Market close on January 16, slipping 0.01% further to $437.44 during the After-hours trading.