Elon Musk has bought an extra $3.6bn(£2.9bn) price of shares in Tesla, in the identical week that he lost the title of world’s richest man to France’s Bernard Arnault.
The disposal, revealed in a regulatory filing, takes the full quantity raised by Musk from gross sales of his inventory within the electrical carmaker this yr to greater than $20bn.
The Tesla CEO has been elevating funds to pay for his $44bn acquisition of Twitter, though the submitting didn’t give a goal for the sale of 22m shares between Monday and Wednesday this week.
Forbes and Bloomberg, which monitor the wealth of billionaires, reported this week that Musk was not the world’s richest man, having been overtaken by Arnault, the chief govt of luxurious group LVMH. In keeping with Bloomberg, Musk is worth $161bn and Arnault, who presides over manufacturers together with Louis Vuitton and Dom Pérignon, is price $172bn.
Musk’s wealth briefly slipped under Arnault’s final week earlier than he reclaimed prime spot, solely to lose it once more this week. The majority of Musk’s wealth is essentially represented by inventory in Tesla, wherein he has a shareholding of greater than 13%, in line with knowledge supplier Refinitiv.
Tesla’s inventory value has halved this yr, underperforming automakers and the broader tech-heavy Nasdaq, which is down about 30% this yr.