Elon Musk, CEO of Tesla (TSLA), reported an additional $3.6 billion in stock sales on Wednesday, bringing his year-to-date total to close to $40 billion and upsetting investors as the company’s shares languish at two-year lows.
He sold 22 million shares of the most valuable automaker in the world over the course of three days, from Monday to Wednesday, according to a U.S. securities filing.
The transaction marks his second significant stock cash-out following his $44 billion acquisition of Twitter in October. Although it is unclear whether the transactions are connected to the Twitter purchase, they are upsetting investors who believe he is prioritizing Twitter above Tesla in terms of concentration and resources.
“It doesn’t put a lot of confidence in the business, or speak volumes for where his attention is at,” said Tony Sycamore, an analyst at brokerage IG Markets, where Tesla is a popular stock among small-time investors.
“It’s not a good situation. I’ve spoken to a lot of investors who have Tesla shares and they’re absolutely furious at Elon.”
Musk and Tesla did not respond to an email requesting comments sent to them after regular business hours. According to Refinitiv statistics, Musk now owns 13.4% less of Tesla than he did a year ago—down from almost 17%.
Tesla’s stock price has fallen by half this year, failing both the broader Nasdaq index of tech companies (.IXIC), which is down around 30% this year, and automakers (.SPLRCAUTM). Over the past year, Musk has sold products worth a total of about $40 billion.