Elon Musk Unloads Another $3.6 Billion In Tesla Stock…. If You’re A Shareholder, You Can’t Be Happy About This

Clearly Elon Musk needs money because he’s just sold another $3.6 billion in Tesla stock:

Tesla CEO Elon Musk has sold about 22 million more shares of his electric vehicle business, which were worth around $3.6 billion, according to a financial filing out Wednesday night. The transactions took place between Monday and Wednesday of this week according to the filings with the Securities and Exchange Commission.

Earlier this year, Musk told his millions of followers on social media that he had “no further TSLA sales planned” after April 28.

According to financial research firm VerityData, Musk has sold 94,202,321 shares so far this year at an average price of $243.46 per share for pretax proceeds of approximately $22.93 billion.

This is after recently selling $4 billion in Tesla stock just after buying Twitter. And seeing as he said this previously:

After Musk’s Twitter takeover, he told employees there that he sold Tesla shares to “save” their business.

You have to assume that this latest stock sale is more of the same. The thing is that if you look at this, he’s hurting Tesla’s share value:

If I were a Tesla shareholder, I’d be be pretty mad as that’s just today. Broaden it out to the year to date and I can see shareholders being even more mad:

Tesla started out the year at almost $400 a share. As I type it’s down 62% from that value. Now there’s other headwinds facing Tesla like economic headwinds, increased competition in the EV space, problems selling in China to name three issues that Tesla is facing. But Elon selling stock to fund Twitter isn’t helping this in any way. Thus I wonder if there’s going to be a motion to get rid of Elon at the next shareholder’s meeting?

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