The Austin electric vehicle maker’s CEO has parted with more than $10 billion of its stock since asking his Twitter acolytes on Nov. 6 whether he should jettison 10% of his Tesla stake. Musk started the selling spree Nov. 8.
Forbes put his net worth at $283 billion as of Thursday.
Based on his total holdings before the Twitter poll, Musk probably must sell more than 12 million more shares to strike the target, according to The Wall Street Journal.
Tesla recently traded at $1,089, up 0.4%. It has slumped 8% in the past month amid Musk’s sales.
Morningstar analyst Seth Goldstein hasn’t gotten bent out of shape by Musk’s moves.
“We do not view management's potential decision to sell stock as a reason to change our forecast for Tesla,” he wrote Nov. 15.
“With our outlook for the company unchanged, we maintain our $680 per share fair value estimate. Our narrow moat rating is also unchanged..
“We continue to view Tesla as overvalued. … 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 vehicles sold. ... We assume Tesla only delivers around 5.7 million vehicles by 2030, well below management's target of 20 million.”