Elon Musk Sells Another $3.6 Billion in Tesla Stock, Frustrating Investors



by FARUK IMAMOVIC

Elon Musk Sells Another $3.6 Billion in Tesla Stock, Frustrating Investors

Tesla CEO Elon Musk has reportedly sold off another $3.6 billion worth of the company's stock, bringing his total stock sales for the year to nearly $40 billion. This move has frustrated investors as Tesla's shares have fallen to their lowest levels in two years.

A filing with the U.S. Securities and Exchange Commission showed that Musk sold 22 million shares in the electric carmaker over the course of three days from Monday to Wednesday. This is the second large chunk of stock that Musk has cashed in since his $44 billion purchase of Twitter in October.

It is not clear if the stock sales are related to the Twitter acquisition, but they have angered investors who are concerned that Musk is diverting his focus and resources to Twitter instead of Tesla. "It doesn't put a lot of confidence in the business, or speak volumes for where his attention is at," said Tony Sycamore, an analyst at brokerage IG Markets.

"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." The stock sales have also raised questions about Musk's overall financial situation. With his significant investments in various companies, including Tesla and SpaceX, as well as his high-profile purchases like the Twitter acquisition, some analysts have suggested that Musk may be in need of cash to fund his various endeavors.

It is not clear if this is the case.

In the meantime, investors are closely watching the situation and are likely to continue to be concerned about Musk's management of Tesla. The company has faced a number of challenges in recent years, including production delays and recalls of its vehicles.

Musk's actions with regards to the company's stock are not likely to help alleviate investor concerns. "It will start to be tiring for investors," said Tareck Horchani, head of prime brokerage dealing at Maybank Securities in Singapore.

Tesla and Twitter aren't Elon Musk's only ventures. He also runs rocket company SpaceX and startup Neuralink, which creates interfaces for brain-computer connections. Tesla and Twitter have been experiencing political backlash due to Musk's management and tweets. The public and investors closely watch Musk's actions in these companies as CEO.

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