Leo Koguan, a multi-billionaire and the third-largest shareholder in America claims to have been the largest individual shareholder. TeslaStock, is asking the automaker to announce a $15B stock buyback to offset the continued fall in the share price.

a tweetMartin Viecha is Tesla’s senior director for investor relations. Koguan stated that the company needs to immediately declare it will buy back Tesla shares worth $5 billion this year, and $10 billion in 2020. The buyback should be funded by Tesla’s free cashflow and not affect the $18 billion in cash reserves. CNBC did not receive a response from Tesla to our request for comment.

Tesla stock shares fell more than 6 percent Wednesday in the face of a wide-ranging market selloff. Stocks of the company are down over 30% for this year.

A stock buyback — when a public company uses cash to buy shares of its own on the open market — is a method that firms use to try to return capital to shareholders.

Buybacks climbed to a record high of $850 billion in 2021. In the course of the year. AppleThe company repurchased the most stock from its employees than any other publicly traded company. AlphabetAnd then Meta. Alphabet Announced another $70 billion buyback last month.

Koguan “bet all the money” on Tesla in the early days of the coronavirus pandemic. according to a ForbesReport from October that claimed that he made millions by buying shares in the electric car maker. After selling shares in companies such as GE, Koguan went all-in on Tesla. Baidu, Nvidia, China Mobile Nio.

Koguan claimed that “I considered myself to be Elon’s fanboy.” “I’d say that he is the only one I truly respect on Earth.”

Musk is the richest man in the world on paper. He said Tuesday that the Twitter deal was “on hold” while he gathers more details about how many spam or fake accounts are there on the social media platform.

Jefferies analysts said Tuesday that Musk may be trying to lower the price in response to recent market declines.

According to a research paper, “Elon Musk’s comments recently suggest that he is trying negotiate a lower deal price,” said Brent Thill, an equity analyst and James Heaney, an equity associate.

Musk’s investigation of the fake TWTR accounts % is a reason for Musk to lower his share price by paying below $54.20 per share. The truth is that the NASDAQ COMP is down 25% YTD [year-to-date]Elon Musk is aware that he might have overpaid for the asset. CNBC attempted to reach Tesla regarding the comments, but was unsuccessful.

CNBC’s Dan Ives, a Wedbush analyst who is a Tesla investor and a Tesla bull, said Wednesday that Musk’s plans to purchase Twitter had been causing’massive overhang’ on Tesla stock.

Ives said that he had been following Musk for years and has seen him suffer a “blackeye” over the past few weeks.

Ives claimed that the way Ives has handled it, I think, was unconscionable, and added that it “left quite a stain on Tesla’s stock.”