Last week, Elon Musk reduced his stake in Tesla again after selling a package of 22 million shares, bringing him a profit of $3.58 billion. To this day, the tycoon still owns 423.6 million shares of the company, so despite everything, he continues to be its main shareholder.
This movement caused a new fall in the shares, whose value has fallen by more than 50% so far this year. Despite his assertion in April that he did not anticipate reducing his stake again, this is the third time since then that Musk has broken his word. Some investors have criticized the businessman for using Tesla as “His ATM for him” to finance the social network Twitter.
More and more voices, concerned about Musk’s drift, are calling for him to be replaced as CEO of the manufacturer. One of the most talked about is that of Leo Koguan , the company’s third-largest individual shareholder, who currently owns a total of 22.7 million shares.
According to Koguan, who in the past had been a staunch defender of Musk, the fact that the controversial manager is getting rid of his shares is an indication that “he has given up on Tesla”, which is why he should be replaced. “Elon walked out on Tesla and Tesla doesn’t have an acting CEO. Tesla needs and deserves to have a full-time CEO. “
Elon Musk is becoming a burden on Tesla
Earlier last week, just before the sale of Musk’s latest stock package was reported, Koguan tweeted the following: “Today, I just put another $500 million on the line to support Tesla’s stock price. ” to $160, while Elon sold 35 billion of its shares and maybe more in the last few days.”
To this, we should add that Tesla’s image, closely linked to Musk’s, is being increasingly affected by his ups and downs on Twitter. Both investors and clients are beginning to turn their backs on the executive, who in recent years has become a sort of spokesperson for the firm after the suppression of its Communications and Public Relations department.
” Musk’s behaviors are doing real damage to Tesla. When I see people who say that they will no longer consider buying a Tesla or that the owners are ashamed to drive one, I think we are at a breaking point for the brand, “explained one of the heads of the US agency MBLM recently.