Elon Musk ‘s purchase of Twitter is hurting his most valuable company, electric car maker Tesla.
Elon Musk recently sold 3.6 billion in Tesla shares, revealed reports from the United States Securities and Exchange Commission, SEC for its acronym in English.
In April 2022, Elon Musk had assured that he did not plan to sell more Tesla shares, something that he has not fulfilled on several occasions.
So far this year, Elon Musk has sold $23 billion worth of Tesla shares.
Insider replicates the opinion of Wedbush analyst Dan Ives, who points out that Twitter has become “a nightmare” for Tesla investors, which seems to have become “an ATM” to support the social network bought for 44 billion dollars. Dollars.
Tesla’s sustained fall
At the start of this year, Tesla shares were fetching $400. When Elon Musk announced the purchase of Twitter in April, they dropped to just under $350. As early as the end of October, Tesla’s shares fell to less than $250, accompanying the takeover of Twitter.
This October 16, Tesla opened the session for $159.57 a share, but the Musk controversies and his withdrawal of shares have pushed it closer to $152.
KuGouan Leo, one of Tesla ‘s major shareholders , believes that Elon Musk has left the company over his obsession with Twitter.
Another problem for Tesla comes with the arrival of more competition. The Chinese company BYD is gaining more market share, while traditional manufacturers are increasingly targeting electric cars.