Musk sells Tesla stock for $ 4 billion

Elon Musk, the head of the producer of auto Tesla electric, sold about $ 4 billion in shares of his company, according to the US Stock Exchange, more than a week after it acquired Twitter in a $ 44 billion deal.

And documents from the US Securities and Exchange Commission showed that Musk, who funded much of the deal through Tesla on Twitter, sold 19.5 million shares of the company, about $ 3.95 billion.

Prior to the sale, Musk’s net worth fell below $ 200 billion on Tuesday as investors dumped Tesla’s stock on concern that the manufacturer’s chief executive. auto more expensive electric and its largest shareholder may have been more interested in Twitter.

Forbes magazine said Musk’s fortune is now $ 194.8 billion, much of which comes from his roughly 15% stake. in Tesla, which has a market value of $ 622 billion.

The company has lost nearly half of its market value, and Musk’s net worth has fallen by $ 70 billion since it made an offer to buy Twitter in April.

Investors initially fled Tesla on fears that Musk would sell his stock and Musk sold $ 15 billion worth of shares in the company.

Last month, Musk completed a $ 44 billion Twitter purchase, including $ 13 billion in loans and $ 33.5 billion. in engagements.

Wall Street now fears Musk has drained its resources as the electric vehicle maker ramps up production and faces more competition.

“It appears that Elon Musk is dedicating 100% of his time to Twitter and, as you know, more capital may be needed,” said Jay Hetfield of Infrastructure Capital Management.

Since buying Twitter, Musk hasn’t tweeted much about Tesla, which has helped him succeed on the short-tweeting platform. Instead, he used Twitter to advertise the company’s plans social medialike signing up for a blue tick for $ 8 a month.

The wealth of the richest person in the world, who also owns the SpaceX rocket company, is about $ 40 billion in more than the wealth of the second richest person in the world, Bernard Arnault, owner of LVMH.

Tesla shares fell 2% to $ 193.7 in trading on Tuesday afternoon, in decline for the third consecutive session.

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