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Shares of Tesla Inc suppliers are sliding across the board in Hong Kong after securities filings showed on Tuesday that Tesla Chief Executive Officer Elon Musk has sold 7.92 million shares in the electric vehicle maker worth $6.9 billion.
EVA Holdings is sliding nearly 7% as of 11:04 am local time, BYD Company down 4.5%, Yadea Group down 4.2%, LK Tech down 4.2%,
Musk offloaded the shares between Aug. 5 and Aug.9, according to the filings. After the latest stock sale, he now owns 155.04 million shares in Tesla.
Tesla shares have risen nearly 15% since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration’s climate bill that aims to lift the cap on tax credits for electric vehicles.
Musk said in April “no further TSLA sales planned,” after he sold $8.5 billion worth of Tesla shares – sales likely aimed at helping finance his planned purchase of Twitter Inc.
