Elon Musk, the CEO of Tesla, reported an additional $3.6 billion in stock sales, bringing his year-to-date total to close to $40 billion and angering investors as the company’s shares slump to two-year lows.
He sold 22 million shares of the most valuable automaker in the world over the course of three days, from Monday to Wednesday, according to a U.S. securities filing.
The transaction marks his second significant stock cash-out following his $44 billion acquisition of Twitter in October. Refinitiv data shows that Musk’s 13.4% ownership of Tesla is down from around 17% a year ago. Over the past year, Musk has sold products worth a total of about $40 billion.