Shares of Tesla have fallen to their lowest level in nearly two years after Chief Executive Elon Musk revealed that he has sold $3.95 billion in shares.
Their value decreased by 7.2 percent, the lowest level since November 23, 2020.
Musk’s latest stock sale fueled concerns about the fallout from his $44 billion purchase of Twitter.
The acquisition raised concerns for investors, including whether it would distract from Tesla’s direction or divert resources to the social media company.
Some investors also feared the potential impact on Tesla’s sales and brand, as well as possible pressure on the company from countries trying to control free speech on the Internet.
“Musk may have needed the cash to really finalize the Twitter deal, but restructuring the company will turn out to be more expensive than he expected.
I think investors are concerned that this may not be the end of the selloff in its stock,” said senior market analyst Ed Moya.
He has sold about $20 billion worth of Tesla stock since he first invested in Twitter in April.
Twitter’s new owner told advertisers that paid subscription accounts would become more important.