Musk has sold almost $4 billion worth of stock Tesla shares after Twitter deal
IT News Nigeria:
Elon Musk has sold some $4 billion worth of Tesla shares aimed at securing $44 billion deal to buy social media platform Twitter, according to Report
Securities and Exchange Commission filings published on Thursday said the Tesla CEO offloaded 4.4 million shares on April 26 and April 27. He now holds just over 168 million shares in Tesla, via a trust.
Musk said in a tweeted late Thursday that “No further TSLA [Tesla’s stock symbol] sales after today.”
The world’s richest man, Musk, reached an agreement on April 25 to acquire Twitter using a financing plan that has alarmed some Tesla investors. To finance the takeover, Musk has pledged up to $21 billion from his personal fortune, with the rest financed by debt.
Tesla’s share price plummeted amid investor concern that the multibillionaire would offload stock in the company to help fund the all-cash deal for Twitter. The stock dropped more than 12% on Tuesday after the announcement of the buyout, the biggest one-day drop since September 2020. The shares were trading at $903.13 apiece in pre-market on Friday.