Tesla founder Elon Musk announced the sale of another $3.6 billion worth of stocks, totaling about $40 billion, which disappointed investors as the company’s shares fell to a two-year low.
US Securities data showed that Musk sold 22 million Tesla shares in three days from Monday to Wednesday.
This is the second major sale Mask has cashed out since buying Twitter for $44 billion in October. Some attribute these sales to the acquisition of Twitter, but there is no reliable confirmation, but such moves are unnerving investors who are upset that he is redirecting his attention and resources to Twitter, and not to Tesla.
Investors say such moves don’t instill confidence in the business and don’t tell where Musk’s focus is.
Tesla’s share price has halved this year, trailing both automakers and the larger, high-tech Nasdaq, which is down about 30% this year. Musk’s total sales for 12 months are nearly $40 billion.
Musk’s fortune, mostly in Tesla stock, has tumbled this year due to prices, and he briefly lost the title of the world’s richest man last week.
In addition to Tesla and Twitter, Elon also leads the rocket company SpaceX and the startup Neuralink, which develops interfaces for connecting the human brain to computers.
Meanwhile, Tesla is dealing with lingering logistics issues.
The latest share sale came a month after Musk sold $4 billion worth of shares days after the Twitter deal closed.
One of Musk’s backing investors said Tesla should announce a buyout to take advantage of Elon’s low stock price.
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