Tesla CEO Elon Musk publicly released one other 3.6 billion USD in stock purchases on Wednesday, bringing his combined score this year to nearly 40 billion USD and upsetting investors since the firm’s shares slumped to two-year lows.
According to a US securities filing, he sold 22 million shares in the world’s most profitable automaker over three days, from Monday to Wednesday.
This is the second large stock sale he has made since his 44 billion USD acquisition of Twitter in October. It’s unclear whether the purchases are linked to the Twitter purchase, but they irritate investors who believe he’s shifting his attention and resources away from 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, where Tesla is a popular stock among small-time investors.
“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.”
Source: deccanherald.com
Tesla did not respond immediately to a Reuters request seeking comment, and Musk did not respond to an email sent outside of business hours. According to Refinitiv data, Musk’s 13.4 percent stake in Tesla is down from around 17 percent a year ago.
Read More: Elon Musk’s Twitter Dissolves Trust And Safety Council
Tesla’s stock price has gotten halved this year, trailing both automobile manufacturers and the wider tech-heavy Nasdaq, which is down approximately 30 percent in the present year. Musk’s overall sale over the last year is worth nearly $40 billion.
“It will start to be tiring for investors,” said Tareck Horchani, head of the prime brokerage dealing at Maybank Securities in Singapore.
Source: deccanherald.com
Musk’s fortune, which is mostly invested in Tesla stock, has fallen in value this year, and he temporarily lost his label as the world’s wealthiest person last week, as per Forbes, when he was defeated by Bernard Arnault, CEO of Louis Vuitton.
I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person