Tesla stocks fall to new low after Elon Musk sells shares

The shares were 7.2 percent $177.59, which is the lowest level Tesla shares have been since November 23 2020 and means Tesla shares have fallen by more than 50 percent since the start of the year. Analysts have said investors are concerned Elon Musk will be distracted from running Tesla due to his recent acquisition of Twitter for $44billion.Some investors were also worried about Tesla’s brand reputation is at stake and are worried sales might be impacted.Elon Musk has sold nearly $20billion worth of Tesla stock since he initially invested in Twitter in April, and now holds around 135million Tesla shares.He sold $8.5billion of Tesla Stock in April and another $7billion in August but his reasoning for the latest sales, which took place last week, is currently unknown.Mr Musk has said he is committed to financing the takeover of Twitter by himself but has also received investments of $7billion from Larry Ellison, the founder of the Oracle software group, and the cryptocurrency platform Binance.A deal was made with multiple banks to also loan $13billion to fund the purchase of Twitter. Telsa shares have fallen to their lowest in nearly two years since after Elon Musk bought Twitter (Image: Getty Images) Tesla’s share price has fallen by more than 50% since the start of this year. (Image: Getty Images)The billionaire has claimed he was done selling Tesla stock before he faced legal action from Twitter after being hesitant about completing the takeover.In August, Mr Musk wrote: “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”OANDA senior market analyst Ed Moya said: “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.”He added: “I think investors are concerned that this might not be the end of his stock sales.”READ MORE: Elon Musk criticised for ‘Wermacht imagery’ in controversial tweetYes. In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.- Elon Musk (@elonmusk) August 10, 2022 Elon Musk has sold nearly $20 billion worth of Tesla stock since he initially invested in Twitter (Image: Getty Images)Wedbush Securities analyst Dan Ives said that Mr Musk “yet again loses more credibility with investors and his loyalists in a boy who cried wolf moment.”Mr Ives recommended that the billion ends the “Twitter overhang on the Tesla story with his focus back on the golden child Tesla which needs his time more than ever”.The analysts also said that Tesla will need Mr Musk’s attention due to issues such as material production plus delivery issues in China and electric car competition increasing from all over the world.Mr Musk has also revealed Twitter is losing $4million a day and has suffered a ‘massive’ revenue drop since he took over the company.He tweeted last week that advertisers had abandoned the social media platform which he blamed on “activist groups pressuring advertisers”.DON’T MISS:Musk ‘only playing lip service to free speech’ until Trump back [INSIGHT]Ukraine dealt blow as 1,300 Musk’s SpaceX satellites sent offline [REVEAL]Gen Z’s top inspirational celebrity business icons – Rihanna tops list [REPORT] Nancy Pelosi denounced Elon Musk after his controversial tweet about her husband (Image: Getty Images)It comes after the billionaire caused controversy after he tweeted about a conspiracy theory involving House Speaker Nancy Pelosi’s husband after he was assaulted with a hammer at their home.On Monday, Ms Pelosi denounced the billionaire and said: “It’s really sad for the country that people of that high visibility would separate themselves from the facts and the truth in such a blatant way.”She added: ‘It’s traumatising to those affected by it. They don’t care about that obviously. It’s destructive to the unity we want to have in our country.”Rick Webb, the COO of Timehop and a co-founder of the Barbarian Group, has said advertisers have left Twitter ‘because of [Elon Musk’s awful tweets.’Speaking to the Atlantic, Mr Webb said: ‘There’s no room for debate. He stated his intentions up front. He cared about advertisers and didn’t want them to leave and then he told us they’ve left.’