Elon Musk sells nearly $4 billion in Tesla stock following Twitter deal


Elon Musk sold nearly $ 4 billion in shares of Tesla Inc. this week, after reaching an agreement with Twitter Inc.’s board of directors. to buy the company for $ 44 billion.

In a series of presentations to the Securities and Exchange Commission published on Thursday afternoon, the CEO revealed that he had sold about 4.4 million shares of Tesla TSLA,
-0.45%
on Tuesday and Wednesday, for about $ 3.9 billion. Selling prices ranged from about $ 870 to $ 999 per share.

In a tweet On Thursday afternoon, Musk said, “No more TSLA sales are expected after today.”

On Monday, Twitter TWTR,
+ 0.97%
he said he had accepted Musk’s takeover bid for $ 54.20 per share, a premium of about 38% as of April 1, when Musk revealed his 9% stake in the ‘social networking company.

Musk said he would personally contribute about $ 21 billion, prompting speculation that he would sell another significant portion of his stake in Tesla. This, and the concern that Twitter would distract Musk from his duties at Tesla, caused Tesla’s shares to plummet, approaching weekly losses of approximately 15%.

At the end of last year, Musk sold about 15.8 million shares of Tesla, worth about $ 16 billion, as it sold 10% of its stake in the vehicle company. to help pay a $ 11 billion tax bill.

Shares of Tesla have fallen 17% so far, but are up 30% over the past 12 months, compared to the S&P 500’s SPX.
+ 2.47%
10% decrease and 2% gain in these intervals.





Source link

Leave a Reply