Tesla stock had the worst week in the stock market since 2020, and Elon Musk continues to sell stocks by the billions. Tesla ended the week with a market capitalization below $500 billion for the first time since November 2020, and now a major shareholder in the electric car maker wants Elon Musk to step down as CEO.
Since November 2021, Elon Musk has been selling stocks in a big way. Late Wednesday, Musk announced that he had sold Tesla shares for more than $3.5 billion, which is roughly the equivalent of 35 billion kronor. According to MarketWatch and Dow Jones Market data, Musk has sold shares of Tesla for $39.3 billion over the past 13 months.
The latest sales relate to Musk’s acquisition of the social media platform Twitter, which he bought for about $44 billion earlier this year. This is the second time he has sold shares since finalizing the deal in October.
The third largest shareholder wants to get rid of Musk
Musk reportedly spent most of his time on Twitter, which seems to have some prominent Tesla investors worried about the electric car maker’s future. Leo Koguan, Tesla’s third-largest individual shareholder, publicly called for a new CEO on Twitter this week.
Analysts have also recently expressed concern about Musk’s time on Twitter and selling stocks. Wedbush analyst Daniel Ives wrote Thursday that Musk is adding fuel to the fire by selling shares in Tesla and prioritizing his time on Twitter. He continued by saying that Musk’s sale is a huge pressure on the stock and that it is one of the reasons why Tesla has been underperforming in the market lately.
“Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst.”