Elon Musk, the CEO of Tesla, said on Wednesday that he had sold another $3.6 billion worth of stock. This brings his total stock sales for the year to almost $40 billion, which frustrates investors as the company’s shares are at their lowest point in two years.
A U.S. securities filing showed that from Monday to Wednesday, he sold 22 million shares in the world’s most valuable car company.
This is the second big sale of stock he has made since buying Twitter for $44 billion in October. It’s not clear if the sales have anything to do with buying Twitter, but investors are upset because they think Musk is putting Twitter ahead of Tesla in terms of his attention and resources (NASDAQ:TSLA).
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“It doesn’t give me much confidence in the business, and it says a lot about where his attention is,” said Tony Sycamore, an analyst at the brokerage IG Markets, where Tesla stock is popular among small investors.
“Things are not going well.” “I’ve talked to a lot of people who own Tesla shares, and they are very angry at Elon.”
Reuters asked Tesla and Musk for comments, but they didn’t respond right away. Musk also didn’t respond to an email sent outside of business hours. Refinitiv data shows that Musk’s share of Tesla has gone down from about 17% a year ago to 13.4%.
This year, Tesla’s stock price has dropped by half, which is worse than both automakers and the tech-heavy Nasdaq, which is down about 30%. In the past year, Musk has sold a lot of things worth nearly $40 billion.
“Investors will get tired of it,” said Tareck Horchani, head of prime brokerage dealing at Singapore’s Maybank Securities.
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The prices of Tesla shares, which make up most of Musk’s wealth, have gone down this year. Last week, Forbes said that Louis Vuitton boss Bernard Arnault briefly passed him as the richest person in the world.
Musk is in charge of the rocket company SpaceX and the startup Neuralink, which is working on ways to connect the human brain to computers. His management of Tesla and tweets on Twitter are getting political attention and pushback.
Tesla, on the other hand, is still having trouble with logistics and said in October that it expected to miss its vehicle delivery goal for this year. It makes more money than its competitors, who have had trouble making money off of selling electric cars.
Related: The White House says that what Musk said about Fauci was “dangerous” and “disgusting.”
This sale comes a month after Musk sold $4 billion worth of shares in the days after the Twitter deal closed.
Musk supporter and Tesla investor Ross Gerber said on Twitter that the company should announce a buyback “to take advantage of the low share price that Elon has created.”
