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5 hot insider trades: Tesla stock pummeled on Musk's $3.6 billion sale

Published 12/18/2022, 08:22 AM
Updated 12/18/2022, 05:06 PM
© Reuters

© Reuters

Among the biggest insider trades this past week, more Tesla (NASDAQ:TSLA) drama dominated with word that CEO Elon Musk had unloaded millions of additional shares.

Musk sold 22 million Tesla shares, or about $3.6 billion worth, between Monday and Wednesday this week, as first reported on InvestingPro+. Tesla took a slide on the news, and ultimately dropped 14.5% for the week to $150.23, its lowest close since 2020.

Musk has now sold a total of more than 94 million Tesla shares this year, according to research firm VerityData. His average exit price is $243.46 per share, meaning he generated almost $23 billion from sales. Overall, Musk has sold nearly $40 billion in Tesla stock since an all-time high in November 2021.

Gary Black, managing partner of the Future Fund LLC, which owns roughly $50M worth of Tesla, tweeted: “My 2 cents: The market voted today that the $TSLA brand has been negatively impacted by the Twitter drama." Wedbush wrote in a client note, "The Twitter nightmare continues as Musk uses Tesla as his own ATM machine to keep funding the red ink at Twitter which gets worse by the day as more advertisers flee the platform with controversy increasing driven by Musk."

In insider buys, SoFi Technologies (NASDAQ:SOFI) CEO, Anthony Noto, disclosed after the close Tuesday a roughly $5 million purchase of 1,134,065 shares made from 12/09/22-12/13/22 at prices from $4.36-$4.58. Shares gained 3.6% in pre-open trading Wednesday on word of the purchase, peaking at an 11% intraday gain during the regular session. The stock closed up 7.7% for the week.

Wheels Up Experience (NYSE:UP) CEO, Kenneth Dichter, 400,000 shares, or over $400,000 worth, from 12/14/22-12/15/22 at prices from $1.1253-$1.1474. Shares closed the week up 7.7%.

On Friday NRG Energy (NYSE:NRG) CEO, Mauricio Gutierrez, bought 15,000 shares, or $480,450 worth, at $32.03, bringing his stake to 1,111,368 shares. In addition to that purchase, four directors on NRG's board also picked up a total of 30,000 shares at prices from $31.32 - $31.71. Shares closed Friday down 2.5% and were off 4.2% for the week.

Lions Gate (NYSE:LGFb) Director, Gordon Crawford, bought 100,000 shares on 12/14/22 at $6.177. Shares ticked down marginally for the week.

Senad Karaahmetovic contributed to this article.

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If you’re interested in upgrading your search for new investing ideas, check out InvestingPro+

Latest comments

that's the dump part of pump and dump!
Biggest EV maker in the world ...the leader in technology in the field...worries about recession and end of year slump...the 'Elon factor'...just looks to me to be a buying opportunity for most of us... seeing nothing but upside for the long haul.
No mention of tons of new competition coming online?
its a brand well known one. tesla will stay but price will fluctuate no brand can avoid crisis.
Ever heard of Edsel?
Article on META CTO was telling. Way too expensive stock.
Tesla will down below 100 at year end. Good luck share holder
You know about the Twitter poll, correct? TSLA will absolutely rocket up tomorrow
dumb comment of the year award
great job elon
when does musk sue for the deceptive crap he bought at twitter
Based on what? Him making an offer with none of the basic legal due diligence?
All of twitters problems are self inflicted wounds, what is it with far virgins jumping infront of bullets for their golden idols
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