According to the report, Elon Musk has sold 22 million shares of the electric-vehicle producer.
Elon Musk, the CEO of Tesla, has sold shares worth around $3.58 billion, according to a US securities filing.
Musk has sold 22 million shares of the electric car producer, according to the filing. According to the filing, he sold the equities across three days, from December 12 to December 15.
Earlier that day, on November 9, Tesla CEO Elon Musk sold 19.5 million shares of the electric vehicle company for $3.95 billion, just days after completing the $44 billion buyout of Twitter Inc.
According to Reuters, Musk has sold roughly $40 billion in Tesla stock over the past year, including the current selling of shares.
Tesla, the world’s most valuable carmaker, has been one of the poorest performing stocks among big automakers and internet firms this year, as investors fear Musk’s acquisition of Twitter would take his attention away from Tesla.
Mr Musk finalised his buyout of Twitter in October and has since devoted most of his attention to the company.
Mr Musk sold billions of dollars in Tesla stock to help fund his purchase, which sent the stock down.
The Twitter purchase was only concluded after months of legal battle, and some have blamed Tesla’s share price drop on the distraction of the takeover.
Investors are also concerned that demand for the company’s electric vehicles may decline if the economy slows, rising financing rates deter consumers, and competing firms increase their electric vehicle offers.
