In 2-3 weeks the Q2 report will release at which 20% of stocks held by employees will be unlocked, which has hit even profitable and not-fantasy-based companies hard in the past.
When you consider the kind of life changing amounts of money even a few thousand shares sell for at current rates, they'd be crazy not to.
My guess is fElon wants the stock to stay high until next summer when he can sell, but he NEEDS it to stay high until November when early investors can cash out
It's fallen maybe 12% since the IPO. You're talking about shares that were trading for a few bucks during the original debt offerings. Marc Andressen has something like a 6000% ROI on his holdings even at current prices.
If this company dropped by 50%, it would still be worth in the $800B range. There's no world in which current shareholders don't make fuckoff amounts of profit. The only question is whether we're talking nine figures or ten.