Tesla's Stock Hits 2-Year Low After Musk Sells $4 Billion Worth of Shares

Tesla's stock price hit a two-year low on Tuesday after CEO Elon Musk sold $4 billion worth of shares.

The stock price fell 6.3% to $262.54, its lowest level since December 2016.

Musk, who is the electric carmaker's largest shareholder, sold the shares in a series of transactions over the past week.

The sale, which was first reported by Bloomberg, came as Tesla faces increasing pressure to ramp up production of its new Model 3 sedan.

In a filing with the Securities and Exchange Commission, Tesla said Musk sold the shares "to take advantage of the recent rise in the stock price."

Musk sold more than 2 million shares in the company last week, according to a filing with the Securities and Exchange Commission.

Musk still owns about 20% of Tesla, which he founded in 2003.

The stock sale is the latest in a series of moves by Musk to cash in on his stake in Tesla.

In May, he sold $2.3 billion worth of Tesla shares to help fund his private space venture, SpaceX.

And in November, he sold $1.1 billion worth of Tesla stock to pay off a personal loan.

Tesla has been under pressure to ramp up production of its Model 3 sedan, which is seen as key to the company's future success.

The company has struggled to meet production targets for the car, which has been plagued by production delays.

The company has faced a series of production delays, and has only delivered a fraction of the cars it promised to customers.

Tesla has said it expects to produce 5,000 Model 3s per week by the end of June.

Tesla has also been hit by a series of high-profile departures, including its former chief financial officer and head of manufacturing.

But some analysts are skeptical that the company will be able to meet that goal.

Tesla has been burning through cash as it ramps up production of the Model 3.

The company had $3.4 billion in cash at the end of the first quarter.

Musk has said he is not planning to sell any more Tesla shares this year.

The stock sale is likely to add to the pressure on Tesla, which is already facing criticism for its high burn rate and lack of profitability.

Tesla's stock has fallen more than 30 percent since the beginning of the year.