Elon Musk sells at least $3.95B of Tesla shares after Twitter takeover

Elon Musk sold at least another $3.95 billion worth of shares in his electric car company Tesla after closing his $44 billion acquisition of Twitter.
According to filings with the Securities and Exchange Commission published Tuesday, Musk sold 19.5 million more shares of Tesla.
Musk sold almost $22 billion worth of Tesla shares in 2021, a year when the stock jumped over 50%. This year, he sold over $8 billion worth of Tesla stock in April and another roughly $7 billion worth in August.
In addition to pouring billions of his own capital into taking Twitter private, Musk relied on partners, including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, Twitter’s former CEO Jack Dorsey and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia, to finance the deal, or to roll their existing shares into his holding company for Twitter.
Sen. Chris Murphy, D-Conn, has called for an investigation into the national security implications of Saudi Arabia’s stake in Twitter following Musk’s take-private deal.
On Aug. 9, Musk told fans he was done selling Tesla shares to fund a possible Twitter acquisition. He wrote, in a tweet, “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”

Enjoyed this article? Stay informed by joining our newsletter!

Comments

You must be logged in to post a comment.

Related Articles
About Author