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(Sharecast News) - Eccentric billionaire Elon Musk has offloaded 22.0m shares in electric carmaker Tesla, bringing the total value of stock sold by the group's chief executive over the past year to almost $40.0bn.
According to filings with the Securities and Exchange Committee, Musk disposed of shares worth approximately $3.58bn over the course of Monday, Tuesday and Wednesday - just days after he lost the title of World's Richest Person to Bernard Arnault, the chief executive of luxury goods group LVMH.
The reason for the share sale has yet to be confirmed but comes hot on the heels of Musk's disposal of 19.5m shares back in November following the completion of his takeover of social media giant Twitter.
As of 0855 GMT, Tesla shares were little changed at $156.90 each.
Reporting by Iain Gilbert at Sharecast.com