Tesla CEO Elon Musk announced the sale of another $3.6 billion of his company’s shares, bringing total sales to about $40 billion this year, disappointing investors as shares fell to a two-year low.
Musk sold 22 million shares in 3 days from Monday to Wednesday.
The sale is the second major stake after the $44 billion purchase of Twitter (NYSE:TWTR) in October. And while it’s still not clear if these sales are linked to the Twitter acquisition, they’re scaring investors as Musk shifts his focus and resources to Twitter instead of Tesla.
According to Refinitiv, now Musk has only 13.4% instead of 17% of Tesla shares, which he had just a year ago. Tesla’s share price has also halved this year. Musk’s total sales of shares over the past year are nearly $40 billion.
Musk’s fortune, mostly in Tesla stock, has tumbled this year as the price of Tesla has fallen, and last week he lost the title of the richest man in the world, according to Forbes, to Louis Vuitton CEO Bernard Arnault.
