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On Wednesday, Tesla (TLSA.O) CEO Elon Musk announced the sale of an additional $3.6 billion in Tesla stock,his total stock sales this year to over $40 billion.
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This has frustrated investors as Tesla’s stock price has slumped to two-year lows.
Based on a U.S. securities filing, he sold 22 million shares of the most valuable automaker in the world between Monday and Wednesday.
This is his second major stock sale since October, when he spent $44 billion to acquire Twitter.
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Investors are frustrated because they believe he is putting Twitter ahead of Tesla, even though it is unclear whether or not the sales are tied to the Twitter takeover.
Tony Sycamore, an analyst at stockbroker IG Markets, where Tesla is a popular stock among small-time investors, said, “It doesn’t instill a lot of faith in the company, or speak volumes for where his focus is at.”
“The current circumstance is not ideal. Many Tesla shareholders I’ve spoken to are really upset with Elon.”
An email sent to Tesla and Musk after work hours did not get a response.
According to Refinitiv statistics, Musk’s 13.4% ownership in Tesla is down from approximately 17% a year ago.
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(.SPLRCAUTM) and the wider tech-heavy Nasdaq (.IXIC), which is down almost 30% this year, Tesla’s stock price has halved this year.
Total sales over the last year by Musk have been worth close to $40 billion.
Tareck Horchani, head of prime brokerage dealing at Maybank Securities in Singapore, predicted that “investors will start to become tired of it.”
Since most of his wealth is invested in Tesla stock, which has declined in value this year, Musk was momentarily dethroned by Louis Vuitton CEO Bernard Arnault as the world’s wealthiest person last week, according to Forbes.
Musk is the CEO of Tesla, Twitter, and rocket business SpaceX, as well as the founder and CEO of Neuralink, a startup working on brain-computer interfaces.
His management and tweets have attracted political attention and backlash.
Meanwhile, Tesla is still having trouble with logistics and predicted in October that it will fall short of its car delivery goal for the year.
It’s more lucrative than competitors who have had trouble turning a profit on sales of electric vehicles.
After closing the Twitter transaction a month ago, Musk sold $4 billion worth of shares in the days following.
Dedicated Musk backer and Tesla investor Ross Gerber suggested on Twitter that the company announce a buyback “to take advantage of (sic) the low share price Elon has produced.”
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