Elon Musk sells billion-dollar block of Tesla shares

Financially, things don’t seem to be going so well for the richest man in the world at the moment. Elon Musk has once again sold a large block of shares. Tesla securities worth 3.58 billion US dollars are said to have been sold. Understandably, Tesla shareholders are anything but pleased about this.

New money for Twitter?

Elon Musk’s corporate behavior is probably best described as ambivalent at the moment. While things have been rosy at Tesla for years, the tech visionary has apparently made a killing with his purchase of Twitter. In order to plug the financial holes at the short message service, Musk has recently sold share packages of Tesla from time to time. This has now happened again, according to the US Securities and Exchange Commission. The packages sold are said to be worth the equivalent of just under 3.58 billion US dollars. In sum, the tech visionary has now already sold Tesla shares worth a total of 40 billion US dollars.

Investors of Tesla are angry

Of course, the action is not leaving the electric car maker’s share prices unscathed. A report from the Reuters news agency indicates that Tesla’s share price is the worst it has been in the last two years. Although Musk has yet to publicly comment on what to do with the money, it fits the picture of his actions since the Twitter purchase. After all, the South African native is currently trying to save money and generate new sources of cash by any means necessary. Just this week, it became known that the newly minted Twitter CEO was not paying rent for Twitter’s San Francisco headquarters and other global locations, for example.

So he may be siphoning off money from his successful company to help the short message service get back on its feet. Of course, that doesn’t sit well with the “Tesla disciples.” Many have put their money into shares in the e-car maker because they were convinced of its successful formula. For a long time, it was not only the concept of the Model 3, Y, X and S that made it so. The person Elon Musk himself was also able to convince many investors with his visionary appearance. Tesla was the “baby” of the controversial tech billionaire and this was also felt. However, since the 44 billion purchase of Twitter, the focus has shifted towards the short news service in the eyes of many shareholders.

Does Musk have a master plan?

Meanwhile, Musk surprises almost daily with questionable actions around Twitter. For example, he recently shared content from the conspiratorial QAnon movement. But has the tech billionaire now really gone off the rails and is trying, for better or worse, to use Twitter for his political agenda? Is this approach worth him selling billions in stock? According to experts, the billionaire entrepreneur could be pursuing a completely different goal. It is speculated that the billion-dollar share package could once again go to the Musk Foundation – Elon Musk’s own charity. This would allow him to significantly minimize his own tax liabilities.