Since April, Musk has already sold nearly $23 billion worth of Tesla stock. Most of that cash likely went to fund a recent acquisition of Internet company Twitter, the AP reported.
Tesla shares have come under severe pressure this year due to Musk’s $44 billion takeover of Twitter. Investors fear Musk is too distracted and not focused enough on running Tesla. Tesla’s stock price has fallen by more than half since the beginning of this year.
“It’s not a good situation. I’ve spoken to a number of investors who own Tesla stock and they are definitely upset about Elon,” said analyst Tony Sycamore of brokerage IG Markets. According to Wedbush analyst Dan Ives, Musk has gone from “superhero” to “villain” in the eyes of investors. “The Twitter circus has hurt Musk’s brand,” Ives said. “Musk is Tesla and Tesla is Musk,” he added.
Musk’s stake in Tesla is now 13.4%, up from about 17% a year ago, according to data from Refinitiv.
Musk dropped the top spot on Bloomberg’s list of billionaires this week. The French entrepreneur Bernard Arnault, co-owner of the Lvmh group, which deals with the sale of luxury goods, dethroned it from first place. Arnault’s fortune is now worth an estimated $172 billion, according to charts, while Musk’s is worth an estimated $161 billion.
