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I'm pretty sure that's how it goes for most wealthy people. It's all tied up in assets, not liquid cash. Investing your money is always better for growth in the long term.
He's in the news because he's become a laughingstock. All news isn't good news. I certainly don't think he wants news that continues to convince people that he's an utter idiot and waste of space.
tying up in assets such as property, land, etc. has real value though. you can sell a huge amount of land without the land losing value because of the sale, but you can't sell a huge amount of stock without the value collapsing while selling it off.
any exposure is good exposure. investors don't normally run away just because you earn yourself notoriety, they usually do the opposite - because the market is entirely made of make belief and fairy dust.
You can sell off stock assuming you've diversified. You are right though that for a company you personally own through stock you can't.
And I mean, all this news should be more enough to keep investors from working with Musk. What idiot is going to trust him with money?