Shares of Tesla have been plummeting since Elon Musk said he would buy Twitter, and the retreat gained steam after Musk reported sales of Tesla stock.
The stock is down 49% year-to-date. As of Tuesday's close, it was the 465th worst performer this year in the S&P 500.
According to an analysis by Ben Silverman, Director of Research for Verity, Musk's latest Tesla stock sales were very well-timed. Silverman tracks insider sales by company executives. Verity's InsiderScore notes that Musk had 267.6 million shares of Tesla pledged as collateral for personal indebtedness as of Mar. 31. He holds about 19.7% of Tesla's outstanding shares following the latest sale of about 19.5 million shares, a decline from about 22.4% ownership at the end of 2020.
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