Tesla Inc. (TSLA.O) chief Elon Musk reported he sold an additional $3.6 billion worth of shares on Wednesday, taking his total to nearly $40 billion sold so far this year, frustrating investors while shares of the company wallow in a two-year low.
It was the first time Musk has sold any stock in Tesla since the beginning of November, when he sold 19.5 million shares just after closing the deal to buy Twitter. Even after selling, Musk has 423.6 million shares of Tesla via the trust that he controls, valued around $69 billion, and has options to buy almost 279 million additional shares, valued at almost $39 billion once exercised.
The share sale is the second large piece of equity he has cashed in on since the $44 billion October acquisition of Twitter, though in April he repeatedly assured that he was done selling shares in the company.
It is unclear whether stock sales are related to the purchase of Twitter, but they are roiling investors, frustrated at a perception he is shifting his attention and resources to Twitter before Tesla. Musk said back in April he was done selling shares.
Wedbush Technology Analyst Dan Ives told CNN that it is possible that Elon Musk is using the $3.6 billion to make up for losses on Twitter, or pay off loans or other investors that he used to help finance the Twitter buyout.