Elon Musk sold another $3.58 billion worth of Tesla stock this week, but it wasn’t clear what the proceeds would be spent on.
The Tesla CEO and new owner of Twitter sold the shares Monday through Wednesday, according to a filing released Wednesday night by the U.S. Securities and Exchange Commission.
Musk has sold nearly $23 billion worth of Tesla stock since April, with much of the money likely to help fund his $44 billion acquisition of Twitter.
The sale comes as shares in the electric vehicle and solar panel maker have collapsed, losing more than half their value since Musk first announced he was buying Twitter stock in April.
The falling stocks have knocked Musk off his status as the world’s richest person, with his net worth falling to $174 billion, according to Forbes. He was overtaken by French fashion and cosmetics magnate Bernard Arnault last week.
The acquisition of Twitter hasn’t been a smooth one, and some big companies have stopped advertising on the social media platform. Musk said Twitter had “a massive drop in revenue” due to the ad losses.
Investors have penalized Tesla shares lately as Musk has spent much of his time running Twitter, fueling fears he’s being distracted from the car company.
Wedbush analyst Dan Ives said Musk is now a villain in the eyes of Tesla investors. He said Tesla’s fundamentals are sound, but his behavior on Twitter hurts the company’s brand. “The Twitter overhang is a nightmare blamed on no one but Musk,” Ives wrote in an email.
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