BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Britta Pedersen-Pool/Getty Images)
Elon Musk sold off billions of dollars worth of shares in Tesla, sending the stock spiraling into its worst week since 2020. One of the electric car manufacturer’s most prominent investors is calling for Musk to resign as CEO.
Musk disclosed his sale of $3.5 billion worth of stock last week. He has sold a total of $39.3 billion in the last 13 months.
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The news sent Tesla stocks into a tailspin – its 16.1% decrease was the stock’s worst performance since 2020. The company’s market cap is below $500 billion for the first time since November 2020. The share price fell below $150 on Monday.
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With shares declining, Leo KoGuan has asked Musk to step down as CEO. KoGuan is Tesla’s third largest shareholder.
“Elon abandoned Tesla and Tesla has no working CEO,” he tweeted.
Tesla shares have declined nearly 60% in 2022.
As prominent shareholders are asking Musk to step down at Tesla, Musk may also have to relinquish power at Twitter.
Musk posted a poll on Twitter, asking his following: “Should I step down as head of Twitter?”
A majority of respondents voted yes, suggesting Musk may be stepping down at Twitter in the near future.
Musk purchased the social media app for $44 billion in October, now considered one of the worst business deals in U.S. history.
As of Monday, Tesla’s market cap has plunged below $460 billion.
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