Tesla (NASDAQ:TSLA) stock is climbing this morning after CEO Elon Musk confirmed the company would start delivering its long-anticipated Semi Truck later this year. Musk also revealed that deliveries of the Tesla Cybertruck will kick off in 2023.
Of course, this announcement is exciting for investors. But it’s not all good news for Tesla today. On a more negative note, Musk has unloaded nearly 8 million shares of TSLA stock this month. That amounts to about $6.9 billion.
Here’s what TSLA investors should know moving forward.
TSLA Stock: The Semi Truck and the Cybertruck
Tesla first introduced the Semi Truck in 2017. A full-size semi with 500 miles of range, the electric vehicle (EV) maker initially said it would start producing the vehicle in 2019, according to Electrek. However, the automaker eventually delayed production of the EV until 2022 due to difficulties related to battery components.
Now, though, Musk says the semi will start shipping this year. According to Seeking Alpha, Tesla has a “significant backlog” for the Semi Truck as well. For example, PepsiCo (NASDAQ:PEP) has already ordered 100 of the “massive” EVs.
First introduced in 2019, the Cybertruck is now set to roll out in 2023 as well. The EV is designed to compete with pickup trucks from the likes of Ford (NYSE:F) and General Motors (NYSE:GM). Featuring a futuristic appearance, “the Cybertruck can tow up to 14,000 pounds and has an estimated driving range of 500-plus miles,” according to Car and Driver.
Elon Musk Sells Tesla Stock
Tesla may have two new EVs on the way, but today’s news is not all great for TSLA investors. Specifically, investors may be concerned with the fact that Musk has sold off nearly $6.9 billion worth of shares this month, according to U.S. Securities and Exchange Commission (SEC) filings. Musk says he sold the shares to prepare for a potential scenario in which he has to buy Twitter (NYSE:TWTR) without the help of some of his acquisition partners.
In July, Musk backed out from a deal to buy the platform. Now, the company is pursuing the Tesla CEO in court. Basically, Twitter is trying to force Musk to honor the terms of the agreement despite his claims about the platform’s bot count.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.