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Investing.com – Insider trading can serve as a bellwether for investors as the executives leading a company signal confidence – or lack thereof – through their purchases or sales of that company’s shares. Here are some of the biggest pieces of news for insider activity from the past week, as first reported on InvestingPro+.
Just days after completing his $44 billion Twitter takeover, Tesla (NASDAQ:TSLA) CEO Elon Musk sold $3.95 billion worth of Tesla shares, filings with the U.S. Securities and Exchange Commission (SEC) showed. Musk told Twitter employees he sold the shares in order to “save Twitter,” CNBC reported.
Musk was selling the 19.5 million shares between Friday and Tuesday, leaving him with an estimated stake of about 14%.He had sold nearly $22 billion worth of Tesla shares last year. The stock has lost over 40% since Musk made an offer to take Twitter private, and slid some 6% last week.
Separately, Intel (NASDAQ:INTC) Director, Lip Bu Tan, bought 48,146 shares on 11/08/22 at $27.9767: $1.3 million in total. Shares were up 7.4% for the week.
