Top Tesla investor is feeling remorse for selling his stock and believes Elon Musk has ‘killed’ the EV business with stock sales

Elon Musk and Leo KoGuanGetty
Tesla’s third largest shareholder seemed to be showing some buyer’s regrets as he criticised Elon Musk’s share sale. “I am 100% invested in Tesla because I believe in Elon Musk. He is killing SH, Tesla. Leo KoGuan tweeted, “If I knew I wouldn’t invest in Tesla,”

Tesla’s third largest individual shareholder believes that Elon Musk is causing financial harm to shareholders and the company by selling large amounts of personal stock.

Leo KoGuan appeared to be expressing some buyer’s regrets in a series tweets, but he still reiterated his commitment to the stock.

“I believe in Tesla 100% bc Elon Musk is my hero.” He is killing SH and Tesla. I would not invest in Tesla if I knew. Elon took out $200MM, Larry took out $40B. Larry invested $1B. I invested more than $3B. I can’t help but speak up. “I cry out to U for your help!” KoGuan spoke Saturday.

Since November 2021, Musk has sold nearly $40 billion worth of Tesla stock. In the nine months ending September 30, Tesla’s net income was less than $9 billion. Tesla stock lost a staggering 65% in 2022.

Musk’s comments are coming as Musk is under scrutiny for focusing on his new role as chief executive of Twitter, the social media platform he bought in October.

He dismissed some of his critics over the weekend as cult followers, and directed his criticism mostly at Musk, whom Musk seems to call “the one”.

“I reached out to the board and the one for approximately 1 year. What I received was nothing, or at most empty promises. These interactions revealed that Tesla is a one-man show business, but not a family business. It is a public corporation with over 100,000 employees,” said KoGuan, the founder and chairman at IT provider SHI International.

As of September 2022, he holds approximately 23 million shares. He amassed most of the fortune in the 2020 pandemic months.

KoGuan tweeted Friday, despite his criticisms of Musk. He bought 450,000 more Tesla shares last week and plans on buying a million more.

He is a firm supporter of the company, and last month he said that he would “invest more $billion to ensure Tesla’s dominance with Elon Musk.”

KoGuan also suggested last month that it might be time to appoint a new CEO because Musk has left Tesla. He also suggested that Musk had deliberately sent the stock of the electric-car manufacturer’s stock lower last week.

Business Insider has the original article.
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By: bevans@insider.com (Brian Evans)
Title: Top Tesla investor has buyer’s remorse and says Elon Musk is ‘killing’ the EV company with stock sales
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-investor-leo-koguan-elon-musk-share-sales-twitter-2023-1
Published Date: Mon, 09 Jan 2023 17:48:33 +0000