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Musk Keeps Dumping Tesla Shares, to the Tune of $929 Million

Elon Musk sold 934,000 shares Wednesday and has now unloaded 14.8 million shares for $15 billion since Nov. 7.
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The Tesla  (TSLA) - Get Tesla Inc Report share sales keep coming from its CEO Elon Musk. He dumped another 934,000 shares Wednesday, garnering $929 million.

Musk has now unloaded 14.8 million shares for $15 billion since Nov. 7, when he asked his followers on Twitter (TWTR) - Get Twitter, Inc. Report whether he should jettison 10% of his stake in the company.

Musk tweeted Wednesday that he was “almost done” with his selling. “There are still a few tranches left,” he said before the SEC filing revealed his latest sale.

Tesla recently traded at $1,013, up 0.42%.

Is Tesla Overvalued

Morningstar analyst Seth Goldstein thinks Tesla's stock is still way overvalued, putting fair value at $680 for the narrow-moat company.

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“We think some of the selloff has been due to the market readjusting its long-term expectations for the company amid increasing competition,” he wrote in a commentary last month.

“We still think the market is assuming Tesla becomes a top-five automaker globally in annual vehicles sold and is successful in launching its high-margin autonomous driving software subscription service.

‘Our base case still assumes Tesla is successful in becoming a top-10 automaker in global annual vehicle sold.

“We also assume gross margins expand over the long term due to the company successfully being able to reduce its manufacturing unit costs and successfully launch its subscription software.

“However, we assume Tesla only delivers around 5.7 million vehicles by 2030, well below management's target of 20 million.”