Tesla investors say Musk "abandoned" them after $700 billion drop

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Some of those investors are doubting his judgement and his dedication to the innovative electric car startup as the year comes to a conclusion.

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The stock of the automaker has lost more than $700 billion in value as a result of Musk selling large amounts of Tesla shares and investors questioning his concentration.

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Musk revealed in a regulatory filing on Wednesday that he had sold an extra 22 million Tesla shares for around $3.6 billion.

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Musk was hailed as a visionary businessman who could alter the world with his cutting-edge firms before he bought Twitter.

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Tesla, through the introduction of electric vehicles, and SpaceX, with its goal of sending humans into space.

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Musk saw Twitter as a way to achieve that goal, as he had been particularly critical of the social-media company's content moderation standards.

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Due to the high cost of Twitter, Musk has had to drastically cut costs at the social media network, laying off more than half of the company's employees.

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One of the biggest concerns among investors is that Musk is using Tesla as an ATM "Ives stated. "This has had a significant impact on Tesla's stock.

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The combination of a falling stock, a distracted CEO, and concerns about the Tesla brand tarnishing is fueling investor activism, according to Ives.

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