Tesla recalls more than 40,000 vehicles as Musk sells another $4 BILLION worth of shares
Published on Nov 09, 2022 at 4:54 PM (UTC+4)
by Kate Bain
Last updated on Nov 09, 2022 at 4:54 PM (UTC+4)
Edited by
Kate Bain
Tesla is recalling more than 40,000 vehicles over a steering issue.
According to the filing, Model S and Model X vehicles could lose electronic power assist steering when hitting potholes or rough sections of road.
Tesla CEO Elon Musk has taken issue with the term ‘recall’, insisting the phrase is outdated because Tesla issues can often be fixed with a software update.
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The recall is the 17th since the beginning of the year.
Tesla’s recall campaigns have involved 3.4 million vehicles this year alone.
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It comes as Musk sells nearly $4 billion worth of Tesla shares.
The Tesla CEO sold 19.5 million shares since the beginning of November, according to documents filed with the US Securities and Exchange Commission.
Musk also sold $15.4 billion worth of Tesla shares earlier this year.
The sales come as no surprise following news of Musk’s Twitter takeover.
After attempting to back out more than once, Musk reached a deal to buy Twitter for a whopping $44 billion late last month.
It’s not clear where the proceeds of his Tesla stock are going, but it’s a pretty safe assumption most of it is needed for the Twitter purchase.
Tesla shares
Tesla shares have lost 46 percent of their value this year alone.
Musk pocketed about $202 for each Tesla share he sold since closing on the Twitter deal.
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Tesla competition
Tesla is facing growing competition in the EV market as automakers trip over themselves to get a foot in the door.
Lamborghini is the latest supercar maker to announce news of its move towards hybrid and EV cars.
You can read more about that here.
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Kate Bain is the Page Editor at supercarblondie.com. She is based in Dubai and coordinates coverage of the latest news across automotive, technology, and lifestyle. Kate has a bachelor's degree in business and post graduate in journalism. She is an experienced editor and journalist who has worked for News Corp, Daily Mail Australia, and Sky News. When she's not at work, you'll find her attached at the hip to her dog, Thor.
