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Fortune
Fortune
Will Daniel

Elon Musk is using Tesla as his personal ‘ATM machine’ after cashing out another $3.5 billion in stock. It's a 'train wreck situation,’ Wedbush’s Dan Ives says.

Tesla CEO Elon Musk talks to the press at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Credit: Maja Hitij/Getty Images)

Elon Musk sold another $3.58 billion in Tesla stock this week, bringing his total sales since November of last year to nearly $40 billion—and investors aren’t happy about it.

Wedbush’s tech analyst Dan Ives argues that Musk is using his “golden child” Tesla to fund not only the initial $44 billion cost of his Twitter acquisition, but also to backstop the social media giant’s losses. 

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