Ouch! Billionaires can be so harsh, lol.
Tesla CEO Elon Musk’s trust sold about $6.9 billion worth of stock in the company over the last week. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options but he’s just cashing in on record stock price.
Despite falling 15% last week, Tesla shares are still up around 46% year to date following a record closing price of $1,229 the previous week.
I’ve been out of Tesla stock since Q3 so missed the recent run. I prefer the growth at a more reasonable price (GARP) approach to investing than the growth at a ludicrous price (pun intended) form of investing that Tesla and some of the recent high-flyers have become.
I still remember buying Tesla shares for the first time at around $40 per share back in 2016 and God I wish I had just held on or forgotten about em… what most people don’t realize is that Tesla shares were a ‘dog’ not moving much and only post-pandemic have the shares skyrocketed and gone up 10x or 1,000%!
Speed bumps ahead. Drive carefully.