Elon Musk Sells New $3.6bn Tranche Of Tesla Shares

The latest sale brings the total amount sold this year to $23 billion, and it comes after the title of "world's richest man" was taken away.

Elon Musk sold another $3.6 billion worth of Tesla shares the same week that France's Bernard Arnault passed him as the world's richest person.

The sale, which was revealed in a regulatory filing, means that Musk has now made more than $20bn from selling his stock in the electric car company this year.

The Tesla CEO is gathering funds for his $44bn acquisition of Twitter, but the document didn't say why he sold 22m shares this week.

Bloomberg says that Musk is worth $161bn and Arnault is worth $172bn. Arnault is in charge of brands like Louis Vuitton and Dom Pérignon.

Last week, Musk's wealth briefly fell below Arnault's, but he quickly got it back, only to lose it again this week.

This year, Tesla's stock price has dropped by half, which is worse than other automakers and the tech-heavy Nasdaq, which is down about 30%.

Up until November 23, Musk had sold 72.2 million Tesla shares at an average price of $268 each, bringing in $19.4 billion before taxes.

Musk used more than $20 billion of his own money and $7.1 billion from friends and business partners to buy Twitter in October. He also put in around $4 billion.

But he also runs other valuable businesses, like his rocket company SpaceX, which is reportedly in talks about an IPO that could value it at up to $150bn.