Billionaire Elon Musk has put another 22 million Tesla shares for sale worth $3.6 billion. They were sold on Monday, Tuesday, and Wednesday of this week, according to a U.S. Financial regulator filing.

Musk sold Tesla stocks worth almost $40 billion over the past year. He has also lost his position as the world's richest person by doing so. 

The reason for the sale of the Tesla stock has not been disclosed.

Despite the sale of his shares, Musk remains to be the biggest shareholder with a 13.4% stake, according to financial market data provider Refinitiv.

Tesla shares listed on the Nasdaq index on Wednesday showed that the value of the shares closed below $500 billion for the first time since 2020.

The previous year, Tesla was worth more than $1 trillion. However, its value was decimated in recent months.

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Tesla Stock

In April, Musk said that he had no "further Tesla sales planned." He also promised that Tesla would benefit from his ownership of Twitter. However, investors and analysts are now expressing worries that it might not happen.

Dan Ives at Wedbush reported that Twitter remains to be a "nightmare for investors" as the company's CEO is being seen as using "Tesla as his own ATM" to keep up with the funding of the social media platform.

Some shareholders, such as Koguan Leo, have suggested Musk has "abandoned" his responsibilities at TESLA.

Leo then called for a new CEO to replace him. He tweeted that Tesla "needs and deserves to have working full-time CEO."

Despite his frustration, he is still not selling his Tesla shares and is planning to buy more as he believes the Tesla stock is undervalued.

Leo tweeted that Musk is a "mere hired hand" and "our employee." He added that he plans to invest more than $1 billion as Tesla will be "the biggest company with or without Elon."

A new poll suggests that some chief executives remain cautious of what Musk is doing at Twitter, with 56% of respondents saying companies should stop advertising on Twitter.

Meanwhile, 69% said that they believed Twitter's best days were behind it, and 79% believe that Musk had become a "detriment" to the value of his companies.

Twitter Under Elon Musk

Musk is facing a series of lawsuits from the recent mass layoffs he imposed when he procured the social media platform.

One of the lawsuits alleges that Twitter unduly targeted female employees for layoffs. Twitter has laid off 57% of its female workers as compared to 47% of men.

The lawsuit was filed by two women who were fired by Twitter last month. They accuse the company of violating federal and California laws banning workplace sex discrimination.

Meanwhile, independent research firms Apptopia and Sensor Tower showed in their data that downloads and activity on Twitter increased in the U.S. since Musk bought it.

However, the growth was slower outside the United States.

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This article is owned by Latin Post.

Written by: Mary Webber

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