Elon Musk sells $4 billion worth of Tesla shares after Twitter takeover

Elon Musk sold nearly $4 billion worth of Tesla stock after completing his Twitter acquisition.

The world’s richest person has now sold nearly $20bn worth of shares in the electric carmaker since first revealing a holding on Twitter in the spring.

Musk then bid for the social media business, then tried to break it off, only to finally buy the company in a $44 billion deal late last month. He moved quickly to overhaul the platform and laid off thousands of his staff, roughly half the workforce, last week.

The tycoon has sold another 19.5 million Tesla shares worth $3.95 billion in recent days, according to stock market documents.

It comes after Musk, 51, signaled in August that no more such sales were planned, writing on Twitter that it would be “important to avoid an emergency sale of Tesla stock” should he be forced to. to go ahead with their acquisition of the social network. the net.

Musk’s personal fortune stands at $197 billion, according to Forbes, though much of this stems from his holdings in Tesla and SpaceX, his private rocket and satellite business. He serves as CEO of both. Shares of Tesla, valued at $600 billion on the stock market, have fallen by more than half so far this year.

The billionaire has committed to providing $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and closing costs. Banks including Morgan Stanley and Bank of America have pledged to provide $13 billion in debt financing.

His $33.5 billion capital commitment included his 9.6% stake in Twitter, which is worth $4 billion, and the $7.1 billion he had raised from equity investors, including Oracle Corp. , Larry Ellison, and Prince Alwaleed bin Talal of Saudi Arabia.

Leave a Comment