Elon Musk Sells Nearly $4 Billion of Tesla Stock After Twitter Acquisition Business News

Elon Musk has sold nearly $4bn (£3.46bn) worth of Tesla shares after completing his takeover of Twitter.

The electric car maker’s founder and chief executive sold 19.5 million shares between Friday and Tuesday, according to SEC filings.

The purpose of the sale was not disclosed, but Musk’s stake remains Tesla About 14 percent, according to Reuters.

This year, Tesla stock has lost nearly half its value along with many other so-called growth stocks — considered vulnerable to a stronger global economy but particularly high inflation.

However, Tesla’s value also reflects a series of sales that Musk himself made to raise $44 billion Twitter Tesla will lose focus as Tesla/Twitter/SpaceX billionaire has further demands on his time.

Analysts widely expect Musk to sell additional Tesla stock to fund the Twitter deal.

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He has committed $46.5 billion in equity and debt financing for the acquisition, including $44 billion in list price and closing costs.

Banks including Morgan Stanley and Bank of America pledged $13 billion in debt financing.

Musk’s $33.5 billion equity commitment includes his own 9.6 percent stake in Twitter (worth $4 billion), as well as from equity investors including Oracle co-founder Larry Ellison $7.1 billion.

Despite the unease that pulled him out of the deal in May, he completed the deal last month and has since continued. lay off about half of the workforce And said he would charge users $8 a month for a blue checkmark to verify the authenticity of user accounts.

Musk has yet to comment on his reasons for selling Tesla stock.

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