Elon Musk sells $8.5 billion in Tesla stock

Tesla CEO Elon Musk has sold around $8.5 billion (£6.8 billion) in shares in the electric vehicle firm, just days after agreeing to acquire Twitter. The deal has fueled rumours that it may help finance his $44 billion takeover of the social media network.

Elon Musk buyout bid was accepted by Twitter’s board of directors on Monday. Tesla shares plummeted dramatically earlier this week on rumours that Mr Musk may sell a portion of his interest in the company to fund the transaction.

Elon Musk

On Thursday evening, he tweeted that he had no intentions to sell any more of his Tesla stock. According to filings with the US Securities and Exchange Commission, Elon Musk sold a total of 9.6 million Tesla shares this week. The billionaire continues to possess more than 15% of the corporation.

This was his first sale of Tesla stock since offloading $16.4 billion in equity in November and December of last year.

That happened after he asked his almost 89 million Twitter followers if he should sell 10% of his ownership in the electric vehicle manufacturer.

Elon Musk

Tesla’s stock has dropped by about 20% after Mr Musk stated earlier this month that he had purchased a 9.2 percent stake in Twitter.

Also read – Twitter revenue increases up to $1.2B daily

About the author

Add Comment

Click here to post a comment