Tesla CEO and Twitter owner Elon Musk has sold $19.3 billion worth of Tesla shares since Twitter’s acquisition was announced in April this year we are trying to implement many changes to make it sustainable.
Reports suggest the billionaire has lost more than $200 billion as shares of the electric vehicle firm hit a 52-week low. Elon Musk sold 19.5 million Tesla shares between November 4 and November 8 for $3.9 billion, filings with the Securities and Exchange Commission show. This brings the all out worth of Tesla shares sold by Musk since April 14 to $19.3 billion pre-charge.
Musk sold $7 billion of his Tesla stock in August as he worked to finance a Twitter buyout at the time he was trying to exit. Has sold more Tesla stock Tuesday’s filing is likely to fund its share of Twitter’s purchase.
Twitter’s takeover hasn’t been smooth and the social media platform has seen an exodus of some big advertisers in recent weeks, including United Airlines, General Motors, REI, General Mills and Audi. Musk acknowledged the significant drop in revenue on Twitter that relies heavily on advertising to make money.
Musk indicated that he was selling Tesla shares and the disclosure that sales were ongoing unsettled some industry analysts. Our fears in the final days of the deal were that the disaster Twitter deal would force Musk to sell more Tesla stock, and those fears came true under heavy selling pressure on the stock as of late written off.
The vast majority of Musk’s resources are restricted in portions of Tesla Inc. As per Forbes, his privately invested money fell beneath $200 billion on Tuesday, however he is as yet the most extravagant individual on the planet. Musk had arranged banks, including Morgan Stanley, to assist with supporting the Twitter bargain. His unique portion of the arrangement was worth about $15.5 billion.
If equity investors back out, Musk will be on the hook to replace them or give away his own money From layoffs of % and then bringing back some workers to the head-scratching verification roll-out for users, he left many tweeting incessantly in the backdrop of this political storm and is now overseeing TSLA stock.
Shares of Tesla Inc. which were flat before Wednesday’s opening, have fallen 8% this week and are down 46% this year in what has been a terrible year for investors looking at the broader market decline.