Elon Musk, the CEO of Tesla, sold 22 million shares worth $3.6 billion on Wednesday, pushing his year-to-date valuation of shares sold to $40 billion and the company’s stock price to a two-year low.
In the three days between Monday and Wednesday, Musk sold 22 million shares in the most valuable automaker in the world, according to a US regulatory filing.
This is the second time that Musk has sold a sizable amount of stock since he bought Twitter for $44 billion in October.
Although, it’s unclear if the sale of shares is related to the acquisition of Twitter, however, the investors are annoyed by the perception that Musk’s focus as well as resources are getting diverted from Tesla to Twitter.
Brokerage IG Markets’ analyst Tony Sycamore said, ‘It doesn’t put a lot of confidence in the business, or speak volumes for where his attention is at.’
‘It’s not a good situation. I’ve spoken to a lot of investors who have Tesla shares and they’re absolutely furious at Elon,’ he added.
This year, the stock price of Tesla has decreased by 50%, as it has continuously underperformed at both broader tech-heavy Nasdaq (.IXIC) and automakers (.SPLRCAUTM).
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