Elon Musk sold Tesla shares worth $ 4 billion after announcing a whopping $ 44 billion deal to buy Twitter.
The revelations showed that Tesla’s CEO sold around 4.4 million shares on April 26 and 27.
Wall Street analysts and the manufacturer’s investors auto Electricians suspected Musk might need to sell some shares to cover the $ 21 billion equity stake in the deal he personally guarantees, according to a Bloomberg report seen by Al Arabiya.net.
Musk tweeted shortly after the announcement that he “no longer plans Tesla stock sales.”
On Monday, Musk and Twitter reached an agreement to buy the company social networking of the richest man in the world. Finding him raises many problems and risks for Tesla, as Musk has been CEO since 2008 and has long been the largest shareholder. Meanwhile, confirmation of its sales could alarm shareholders, including dozens of retail investors.
Tesla stock fell 12% on April 26, its highest since September 2020, and changed little over the next two sessions, with the stock closing on Thursday at $ 877.51.
Another $ 12.5 billion from Musk’s Twitter deal is secured from his participation in Tesla.
Shares of Twitter closed Thursday at $ 49.11, less than the $ 54.20 investors will receive for every share they own under the company’s deal with Musk.
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