After claiming he was done selling stock in the company, Musk has unloaded more than three billion dollars of shares.
It's reported that the billionaire CEO has sold around $36 billion worth ofTesla stock in the last twelve months, a stunning selloff, and almost certainly a result of his ill-advised and terribly executed bid to take overTwitter.
Musk's erratic leadership at the site has been far from confidence inducing. There has been a steep decline in the stock of the company this year.
Musk sold 19.5 million of his shares. While the paperwork filed with the Securities and Exchange Commission doesn't directly point out the purpose of the sale, analysts believe it has to do with his bid to finance his $44 billionTwitter deal
After selling $6.9 billion worth of shares in August, Musk still needs to raise an additional $2 to $3 billion for the deal.
The results of the third quarter were announced last month. The company has dealt with supply chain issues and has not been immune to the global economic downturn.
Even more uncertainty has been created by Musk's acquisition of Twitter, with the CEO going as far as to pullTesla employees to help him take over the company.
"It looks like Musk is preparing for things to stay bad at Twitter for the next year," Gene Munster, managing partner at Loup Venture, said in a recent interview. He is preparing for the social networking site to be unprofitable.
There's more on the situation.
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