Musk has sold 22 million of his shares in the company.
The shares were sold three times this week.
Over the course of a year, Mr Musk has sold almost 40 billion of his company's stock.
Mr Musk was no longer the world's richest person.
There is no explanation for the latest share sales.
He is still the biggest shareholder with a 13.4% stake.
Just days after completing a $44 billion takeover of social media platform Twitter, Mr Musk sold almost 20 million shares of his electric car company.
There is a video on... Elon Musk and social media.
The stock ofTesla is one of the worst performers among major car makers and technology companies this year as investors worry about Mr Musk's focus being diverted by the acquisition ofTwitter
The value of shares in the electric car maker fell below $500 billion for the first time in more than a year.
The company was worth more than $1tn at the end of last year, but has fallen in value recently.
Mr Musk has focused a lot of his time on the business since he took over the company.
The shares were pushed down by Mr Musk's sale of billions of dollars worth of shares.
The distraction of the takeover was one of the reasons why the share price of the company fell.
As the economy weakens, investors are concerned that demand for the company's electric cars may slow.
Government probes of crashes and its autopilot feature are just some of the things that have hitTesla.
Mr Musk lost his position as the world's richest person this week after the value of his shares in the electric car company fell.
He was overtaken at the top spot by Bernard Arnault.
According to Forbes, Mr Musk is now worth $174 billion, while Mr Arnault is worth $191 billion.
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