Elon Musk sells almost $4bn worth of Tesla shares
after Twitter deal
Carmaker’s shares fell this week over concerns CEO
would offload stock to help fund takeover of platform
Tesla’s share price has fallen by a fifth since Elon
Musk first revealed he had taken a stake in Twitter earlier this month.
Mark Sweney
@marksweney
Fri 29 Apr
2022 08.00 BST
Elon Musk
has sold almost $4bn (£3.2bn) worth of Tesla shares since securing his $44bn
deal to take control of Twitter.
Musk, the
electric carmaker’s chief executive, sold the stock on Tuesday and Wednesday,
according to a regulatory filing.
The sales
came as 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.
Musk took
to Twitter late on Thursday after the filing at the US Securities and Exchange
Commission became public to say he planned no further sales of Tesla shares
“after today”.
The terms
of the Twitter deal require Musk to come up with about $21bn in cash, although
it is not expected to close for another six months.
Tesla’s
stock dropped more than 12% on Tuesday after the announcement of Musk’s
takeover of Twitter, the biggest one-day drop since September 2020, as
investors worried Musk would not have as much time to drive the electric car
business as competition in the sector hots up.
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The
carmaker’s share price has fallen by a fifth since Musk first disclosed he had
taken a stake in Twitter earlier this month.
Musk is
using his Tesla valuable holdings, which have made him the richest person in
the world, to part fund the takeover of Twitter.
The sale of
almost 4.5m shares, made at prices ranging from $872 to $999 a share, were the
first by Musk since a spree late last year that raised more than $16bn, which
came after he asked his more than 80 million Twitter followers whether he should
sell 10% of his stake in Tesla.
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