The Clap
Elon Musk vowed to not sell any more shares from Tesla (NASDAQ:TSLA), but that promise has failed to comfort investors.
What
Musk sold around $40bn worth of his Tesla shares throughout 2022, with some of the funds from the sale used to partly fund his Twitter acquisition.
Musk promised investors that he will not sell any Tesla shares for the coming two years, but that did little to reassure investors who have been losing confidence in the stock lately.
So What
Tesla hit a two-year low this year, as Musk’s selling of the shares, supply chain problems, and economic pressures put pressure on the stock to decline.
If Musk continues to add downward pressure on the stock price, investors could have a claim for securities fraud, as per a former SEC attorney.
Now What
Tesla is in line for its worst annual performance since going public in 2010.
