Tesla Stocks Plunged as Elon Musk Sells $4B Worth of Shares

On Thursday, Tesla stocks plunged after Elon Musk announced that he sold more assets, further frustrating the company’s investors.

The EV maker’s share price plunged by 2.58% to $156.80 apiece on Wednesday and further declined by 2.61% to $152.65 on December 15.

This fall came after Elon Musk unloaded $3.60 billion worth of assets over the course of three days.

Moreover, this was the second time the CEO sold a chunk of stocks since his $44.00 billion takeover of Twitter.

As a result, investors believe that the billionaire was focusing his resources on the platform instead of Tesla.

Additionally, an analyst stated that the EV maker’s shareholders were furious at Musk.

Furthermore, the expert noted that the CEO’s behavior shows where his priorities lie.

Due to the sale, Elon Musk’s stake in Tesla dropped to 13.40% compared to 17.00% a year ago.

Likewise, the stock price of the California-based company dropped by 61.00% since the beginning of the year.

In addition, it is underperforming against its competitors, such as General Motors and Ford.

Besides, the consistent plunged in EV maker’s share price dragged Musk down from his position as the World’s richest man.

EV maker to Expand its Factory in Germany

Tesla plans to expand the output of its factory in Germany and is drilling for water sources to supply the project.

In particular, the EV maker wants to double the capacity of its Gruenheide, Brandenburg plant from 500,000 to over a million cars yearly.

Accordingly, a Tesla representative announced last week that the company would pay for the search and drilling of groundwater sources.

However, a local environment ministry spokesperson stated that the EV maker has yet to file an application to the authorities.

Still, he further explained that the company was keeping in touch with relevant officials.

Meanwhile, an expert added that it would take a while to implement the plan even if it receives approval.