Musk explained in a meeting on Thursday that he sold the $3.9 billion work of stock in order to “save” Twitter. Musk took over the social media company a couple of weeks ago and it has been a very dramatic start, to say the least. Musk dissolved the Twitter board almost instantly to become the sole owner, he has received a huge amount of backlash from Twitter users after bringing in a system for users to pay $8 per month to have a blue verification tick, and has cut the workforce in half which has led to a lawsuit being filed against the company. On top of that, Musk is also stopping home working for the social media company’s workforce.
The sale of Musk’s Tesla stock was shown in a series of Form-4 filings which were submitted to the Securities and Exchange Commission (SEC) which have been shared online. According to the Form-4 filings, Musk sold the $3.9 billion worth of shared towards the end of last week and the start of this week. It is likely that this sale was a massive contributing factor to the 17-month low for Tesla stock.
Since Musk took over Twitter, many Tesla investors have raised concerns that his attention is being spread too thin between all of his business ventures. Musk sold $8.5 billion worth of Tesla stock in April this year and another $6.9 billion work in August, after which he said that he did not plan on selling any more of his stocks. Wedbush removed Tesla from its top stock list after Musk took over the social media company with Dan Ives, Wedbush analyst, branding the Twitter deal as a “train wreck disaster” and that it has heavily impacted the Tesla stock.