AUSTIN, Texas—Shares of Tesla rose slightly Thursday despite news that CEO Elon Musk sold another $3.58 billion worth of the electric vehicle maker’s stock this week.
The stock closed at $157.67, up less than 1 percent but still close to its two-year lows. Tesla did fare better than the broader U.S. stock market, where concerns about rising interest rates led to a 2.5 percent drop in the S&P 500 index.
Musk, the new owner of Twitter, sold the Tesla shares from Monday through Wednesday, according to a filing posted Wednesday night with the U.S. Securities and Exchange Commission. It wasn’t clear where the proceeds of the sales were being spent….