The major electric car company Tesla is showing a significant decline in the share market as Elon Musk sold $3.2bn in shares
Elon Musk recently sold 22 million shares of Tesla worth $3.2bn. According to the US financial regulator, Elon Musk sold Tesla shares worth $40 billion.
The selling of the shares is decreasing the prospects for Tesla company because the investors observed that Tesla demonstrated the worst performance in stocks among other electric car companies.
Investors believe that after buying the social media platform Twitter, Musk is too much invested in that business and his attention is diverted. He pays his full attention to Twitter when he should also be catering to Tesla.
Last month, only a few days after buying Twitter, Elon revealed that he has sold shares of Tesla worth $3.4 billion.
Investors worry that at this pace, the demand for Tesla electric cars might slow down over time, damaging the company’s reputations and shares furthermore.