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Elon Musk sells over $3 billion of tesla shares

Elon Musk has sold another 19.5 million shares of Tesla, the electric car maker worth $3.95bn (£3.4bn), filings with the US financial watchdog show.

The news comes less than two weeks after the world’s richest man completed his $44bn takeover of Twitter.

Tesla’s share price has fallen by more than 50% since the start of this year.

BBC reports that Tesla is recalling just over 40,000 of its vehicles in the US because of a potential problem with their power-steering.

The reason for the latest sales, which took place in the last week, has not yet been disclosed.

The latest sale brings the total value of Tesla shares sold by Mr Musk to almost $20bn.

He sold $8.5bn of Tesla stock in April this year and around another $7bn worth in August.

Writing by Chinasa Ossai, Editing by Omotola Oguneye