Elon Musk has sold about $5bn in shares amounting to roughly 3% of his Tesla holdings, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his stake. About $4bn worth of the sale – 3.6m shares – could be considered as counting towards his 10% pledge on Twitter. Another $1.1bn worth, amounting to 934,000 shares, was sold under an options arrangement to acquire nearly 2.2m shares that was already in train before the poll. – Guardian
Scam victims are facing a “reimbursement lottery” when they ask their banks to compensate them for their losses, the consumer group Which? has claimed. Three-quarters of customers who were turned down by their banks and took their cases to the financial ombudsman have been told that they should have received a payout, and the consumer group said with some banks this rose to eight in 10. – Guardian
Brussels has been forced to extend London’s lucrative euro clearing rights in a post-Brexit boost for the City as it seeks to protect its role as a global hub. The European Commission has granted permission for banks on the Continent to continue accessing Britain’s €660 trillion (£563 trillion) clearing market beyond an initial deadline of June 2022, amid fears that cutting them off would damage financial stability. – Telegraph
The centrepiece of the Nine Elms development in London, Europe’s biggest regeneration project, has sold fewer than one in 15 homes in its first year of marketing, fuelling fears of a multibillion-pound white elephant close to the heart of the capital. Nine Elms Square, a £3bn joint venture between Chinese developers R&F and CC Land due for completion in 2023, has struggled to sell properties at the former industrial site south of the Thames near Vauxhall, Telegraph analysis of regulatory filings shows. – Telegraph
The largest initial public offering in the world this year and one of the biggest in American history made a spectacular start yesterday as shares in a company touted as a future rival to Tesla surged by as much as 53 per cent. The market value of Rivian Automotive, an electric vehicle start-up, briefly eclipsed $100 billion after its shares started trading on New York’s Nasdaq exchange. In contrast, Ford, one of the company’s investors and a titan of the American carmaking sector, is valued at $77.4 billion, while General Motors, another traditional industry heavyweight, is worth $86 billion. – The Times
