Elon Musk sold nearly $4 billion worth of Tesla stock after buying Twitter

Elon Musk sold shares of Tesla
Image courtesy of Carscoops – Elon Musk sold shares of Tesla

After months of legal disputes with Twitter, the CEO of Tesla Inc., Elon Musk, had to proceed with the acquisition of the platform in October. days after the twitter buy for US$ 44,000 million, Elon Musk sold shares of Tesla valued at at least US$3.95 billion.

This has been his first stock release since August. Additionally, the Securities and Exchange Commission revealed in a filing Tuesday that Elon Musk sold $19.5 million more of Tesla stock. However, he is still the number 1 shareholder in his car company.

On the other hand, Investor’s Business Daily indicated that Musk lost the most money this year on Tesla stock of what he lost with the acquisition of Twitter. As a result, as measured by the Bloomberg Billionaires Index, Musk’s wealth plummeted from $340 billion at his peak to $179.5 billion.

Elon Musk sold shares of Tesla

In August, Musk shared a tweet that it was essential to avoid a fire sale of the tesla stock if the Twitter deal went through (at the time, he was trying to get out of the deal). To complete his purchase of Twitter, Musk invested billions of his funds, as well as those of his partners, including venture capitalists Binance, Ron Baron’s BAMCO, Andreessen Horowitz and Jack Dorsey, the former CEO of Twitter.

The paper of Tesla on Twitter it’s apparently not just their shared leader. Since, after Musk took over the social media platform, he apparently summoned dozens of Tesla engineers on Twitter to help you with code review and other tasks. Although what most transcended were the harsh cost-cutting measures, by carrying out a mass dismissal of half of the employees of the company, although in the end some were asked to return.

On stage, he said, “Once Twitter is on the right track, I think it’s a lot easier to manage” than its other companies, including SpaceX, as reported by CNBC. Yes ok Musk indicated that his role as “Chief Twit” and sole director of the social media firm is only temporary, it is still unknown who will be the Twitter’s next CEO.

On the other hand, Bloomberg reported that concern abounds among Tesla shareholders, due to fears that the CEO is overextending himself. Nowadays, Twitter is losing money and since Musk took over, several major companies have stopped their ads on the platform, including automakers General MotorsStellantis and volkswagen.

Image courtesy of Carscoops – Elon Musk sold shares of Tesla


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Font: Carscoops

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