Musk said he won't sell any more shares of the company for at least the next two years, after he sold nearly $3.6 billion worth of stock this week.
The Axel Springer Award 2020 will be held on December 1, 2020. The photo was taken by Hannibal Hanschke, Pool.
During an audio call, Musk said he would stop selling stock in the company.
As investors grow more concerned about demand for the company's electric vehicles and the amount of time Musk is spending on social media, the company's share price dropped 9% Thursday to close at $125.35.
In January, when the stock was at its peak, it was 70% of its all time high and Musk's net worth was above $300 billion.
Musk said that he needed to sell stock to make sure that there was no powder dry.
Since April, Musk has held multiple rounds of multi-billion dollar stock sales.
Around the time Musk completed his deal to take over the company's stock price fell. Even though he has turned his attention away from other businesses he runs, the billionaire has defended his work at the social networking site. Musk has argued that a more hands-on approach is required for the project to be successful. Musk told the employees of the platform last month that he had sold his shares in order to save the company. Since the company is private, details of the financial situation are not known. Several companies have stopped spending money on ads on the site in response to Musk's erratic behavior and the fact that the company could soon go bankrupt without a significant increase in revenue.
According to our estimates, Musk is the second-richest person in the world, behind Arnault and his family. He was the richest person in the world for most of the year.
Musk moved further away from the title of richest person in the world.
Musk has sold billions of dollars of stock in the company.
According to reports, Musk told staff that he could go bankrupt without financial help.
There is a disaster of epic proportions.
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