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Tesla Investors Blaming CEO Elon Musk For Car Company's Worst Year

Some investors are concerned with Musk selling an additional $3.6B worth of Tesla stocks, after pledging in April to not sell anymore.
Posted at 5:08 PM, Dec 16, 2022

Trust in Tesla appears to be slipping as investors call into question Elon Musks' ability to manage the electric car company and Twitter at the same time. 

The growing concerns among some investors come amid news that Musk sold off an additional $3.6 billion worth of Tesla stock earlier this week, after pledging in April to stop selling shares. Since then, Musk has reportedly sold off $23 billion worth of Tesla stock

This latest round of stock sales has sparked backlash from top investors, including Leo Koguan, who posted on Twitter Wednesday, "Elon abandoned Tesla and Tesla has no working CEO. Tesla needs and deserves to have working full time CEO." 

Elon Musk Sells $3.95 Billion Worth Of Tesla Stock

Elon Musk Sells $3.95 Billion Worth Of Tesla Stock

Musk sold 19.5 million shares of the electric car company from Nov. 4 to Nov. 8, according to the Securities and Exchange Commission.

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As Tesla stocks continue to fall, some Tesla owners say they've begun contemplating getting rid of their Tesla and looking to other electric vehicle manufacturers instead. 

In November, Tesla was hit with a series of recalls over steering power loss, failing taillights and airbag concerns. 

Musk has become increasingly accused by stock analysts of using Tesla as an "ATM machine" for funding Twitter. 

Adding to Tesla's woes is Musk's falling popularity. Since taking over Twitter, Musk has come under fire for a rise in hate speech on the platform. 

On Twitter Wednesday, Gary Black, a managing partner of the Future Fund and a Tesla share holder Tweeted of Musk: "He will realize soon (if not already) that his polarizing political views are hurting customer perceptions of $TSLA EVs. Customers don't want their cars to be controversial."