Musk sold 22 million shares of Tesla for $3.58 billion - the value of securities has already fallen by 60% since the beginning of the year

Since the beginning of this year, Tesla securities have already fallen more than twice in value. There are at least two reasons for this in recent days and weeks.

Here's What We Know

First, investors' dissatisfaction with the Twitter purchase hasn't gone anywhere. They still believe that Elon Musk pays too much attention to the social network. Secondly, the fact that the American billionaire decided to sell part of Tesla shares had a negative impact on the price dynamics.

It happened during the first three days of this week. December 12 to 14 Elon Musk sold 22 million securities worth $3.58 billion. Due to this, shares of the American carmaker went down in price by 12%.

Even KoGuan Leo, one of the three largest private holders of shares, expressed his dissatisfaction with actions of the CEO. According to him, Tesla does not have a working CEO.

It is possible that Elon Musk will spend the proceeds to cover part ($3 billion ) of a high-interest loan due to lack of collateral. But this has not been confirmed. And this year, the American billionaire has sold securities worth $19 billion. Now he has 424 million shares.

Source: Seeking Alpha
Image: Al Jazeera