Elon Musk revealed on Wednesday that Tesla (TLSA.O) has sold another $3.6 billion in stock this year, bringing his total to nearly $40 billion this year. Tesla’s shares have slumped to two-year lows as a result.
During the three days from Monday to Wednesday, he sold 22 million shares of the world’s most valuable automaker.
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Since buying Twitter for $44 billion in October, he has cashed out two big chunks of stock. It is not certain if these are Twitter-related or not, but it’s causing investors to get angry as they fear he’s making Tesla a less of a priority than it should be because he is working on Twitter so much.
“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.
“The situation isn’t good. I’ve spoken to a lot of Tesla shareholders who are fuming at Elon.”
A Reuters request for comment from Tesla and Musk’s email outside business hours failed to receive a response. Musk’s 13.4% stake in Tesla has fallen from about 17% a year ago.
In premarket trading on Thursday, Tesla stock fell nearly 3%, halving this year, underperforming both automakers (.SPLRCAUTM) and the broader Nasdaq (.IXIC), which fell about 30%.
Over the past year, Musk has sold nearly $40 billion worth of shares.