Elon Musk told investors he was pausing the sale of Tesla shares

In less than two months, Musk presided over a dizzying array of changes that unsettled advertisers and alienated users.

He laid off half of his employees, fired his contract content moderators, and dissolved the council of trust and safety advisors. He called for the enforcement of COVID-19 misinformation rules and criminal charges against Dr. Anthony Fauci, the nation’s top infectious disease expert.

Tesla investors are fed up with Twitter turmoil, where they say the eccentric CEO was distracted from his main source of wealth: the electric car company.

Tesla’s market cap surpassed US$1.1 trillion on April 1st. This was Musk’s last trading day before revealing he was buying his Twitter stock. Since then, the company has lost nearly two-thirds of its value as rival automakers cut into Tesla’s dominant share of electric car sales.

Tesla shares fell more than 1% on Friday to $123.74. They topped US$360 each on his April 1st, and in November 2020 he hit an all-time high above US$414.

This week, Tesla stepped up discounts on its two top-selling models through the end of the year. This indicates a slowdown in demand for the company’s electric vehicles.

The company began offering a $3,750 incentive for Model 3 sedans and Model Y SUVs on its website earlier this month, but on Wednesday it offered a discount for anyone who gets a delivery between now and December 31. We doubled it to $7,500 USD.