Economy

Elon Musk sells Tesla stock for $3.95 billion

Elon Musk is selling at least 19.5 million Tesla shares worth $3.95 billion. Bloomberg agencies reported this, citing some communications to Sec. It will be its first sales since August. The documents do not specify whether the transactions were planned in advance. richest person in the world Twitter completed its acquisition in late October, after going back and forth for months. In August, Musk said he had closed the sale of Tesla shares and that it was important to avoid an “emergency sale” of the stock in case he was forced to close the Twitter acquisition and struggled to engage other shareholders.

It’s not entirely clear how the $44 billion deal was funded, in excess of nearly $13 billion in debt obligations by Wall Street banks. Several prominent investors have promised to put about $7 billion in total for this match, but it is not known if they all kept their promises. Musk has never publicly stated how he intends to increase his share of the funds needed to complete the deal. But one thing is clear: Twitter is losing money and now has to pay nearly $1.2 billion in annual interest.

Since Musk took over, many big companies have paused their ads on the platform, waiting to see how they will develop under the billionaire’s leadership. Billionaire’s Radical Moves to Cut Costs – Including dismissal of half of the staff And the subsequent demand by some to re-enter — and overhauling the platform’s operations — led to a turbulent two weeks within the social media company, with some employees unclear whether or not they were still addicted.

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The deal has also raised concerns for some Tesla shareholders, who say the CEO is doing too much on the outside fronts. Last year, Musk divested about $36 billion of the automaker’s stock, nearly half since it went public with a buyout plan on Twitter, according to data compiled by Bloomberg. Now the stock is down 53% from last year’s peak, sending Musk’s assets down to $179.5 billion from $340 billion a year ago, according to the Bloomberg Billionaires Index.

Thelma Binder

"Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff."

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