Home Business Musk sells $ 8.5 billion in Tesla shares before buying Twitter

Musk sells $ 8.5 billion in Tesla shares before buying Twitter


Information to the US Securities and Exchange Commission shows that Tesla CEO Elon Musk has sold $ 8.5 billion worth of shares in the manufacturer of auto Tesla electric, in an operation that could help finance its planned Twitter purchase.

“There are no more plans to sell Tesla stock,” Musk said in a tweet. He sold about 9.6 million shares last week, according to records on Thursday and Friday, equivalent to 5.6% of his stake in the company.

The sale came after Musk struck a deal on Monday to buy Twitter for $ 44 billion in cash in an agreement that would have shifted control of the platform to social media used by millions of people and world leaders in the hands of the richest person in the world. Musk’s net worth is $ 268 billion, according to Forbes magazine.

As part of the deal, Musk has pledged to repay $ 21 billion of debt in the form of shares.

It is not yet clear how the billionaire will raise the remaining $ 12.5 billion. Musk owns a 43.61% stake in the unlisted rocket company SpaceX, which is worth $ 100 billion.

Tesla’s shares have fallen by around 20% since Musk revealed he bought a stake of more than 9% in Twitter on April 4th.

A source familiar with the matter told Reuters that Musk was looking for partners to reduce his contribution to the deal, adding that he was not certain that a tale partner would emerge.

This is the first time Musk has sold Tesla stock since he sold $ 16.4 billion worth of stock in November and December after conducting a Twitter user survey on selling 10% of his stake in the manufacturer. auto electric.

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