New York November 10 2022: Tesla Inc (TSLA.O) shares slid to their lowest level in nearly two years on Wednesday after Chief Executive Elon Musk disclosed he sold another $3.95 billion worth of shares in the electric-vehicle maker.
Shares ended down 7.2% at $177.59, the lowest level since Nov. 23, 2020.
Musk’s latest share sale fueled jitters about the fallout of his $44 billion Twitter buy on the world’s most valuable automaker, analysts said. The acquisition sparked investor concerns, including whether he would be distracted from running Tesla or divert resources to the social media company. Some investors also feared the possible impact on Tesla’s sales and brand, as well as potential pressure on Tesla from countries trying to control online speech.
“He might have needed the money to really finalize the Twitter deal but restructuring the company and righting the ship is going to prove to be more costly than he probably expected,” OANDA senior market analyst Ed Moya said.
“I think investors are concerned that this might not be the end of his stock sales,” he added.
Tesla shares have fallen nearly 60% since touching a record high on Nov. 4 of last year. Four days after that, Musk started unloading his shares
