The leading manufacturer of electric automobiles in the world, Tesla, recently produced huge profits for its shareholders. Elon Musk was seen starting to sell his shares after making a significant Tesla-related tweet about ten years ago. In the end, Elon Musk sold shares for more than $3.5 billion during the week.
Elon Musk will therefore take unexpected actions for Tesla because he bought Twitter and has subsequently refocused his entire career on social media. Musk sold 22 million Tesla shares in a single week, according to Forbes’ analysis of Securities and Exchange Commission (SEC) data from the US.
Musk, who owns about 25% of the company’s equity, is primarily to blame for his financial success. We must keep in mind, though, that Musk does not get money off of every Tesla share sold. A 25% ownership stake in the company is utilized as collateral for the loans it has secured.
Is Elon Musk stepping down as Tesla CEO?
Investors were debating the well-known billionaire’s sale of shares. “My money was the first to come in, and it’ll be the last to depart,” Musk once stated. At Tesla’s annual shareholder meeting, he had failed to bring up.
It is still unclear what Musk is trying to accomplish with Tesla.
The CEO of Tesla, Elon Musk, would reportedly resign, according to a recent rumor. Tom Zhu Xiaotong, the manager of Tesla China, will reportedly take over as the new CEO of the entire company, according to sources.
Rumor has it that Tom Zhu Xiaotong, who is currently Tesla China’s director, would take over as CEO of the organization. Since 2014, Tom Zhu Xiaotong has worked at Tesla China. And appears to be gunning for Elon Musk’s post. He is well known for having led the building of the Tesla Supercharger charging network in China.
Xiaotong joined the company in 2014 and advanced fast, first becoming global vice president and then Tesla China president. Additionally, he most recently oversaw the operation of the Giga Shanghai facility as well as the Tesla Service Centers in China.