Elon Musk Sells 19.5 Million Tesla Shares Worth $3.95 Billion
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Elon Musk has taken another major financial and ownership decision, but this time, not an acquisition one. After completing a mouthwatering $44 billion acquisition deal for Twitter, the Tesla founder has sold $3.95 billion worth of shares of the electric car company.
Based on filings with the Securities and Exchange Commission (SEC), the company has parted with 19.5 million of its shares.
Tesla Has Sold More Than $15 Billion Worth Of Shares This Year
Last year, Musk sold $22 billion worth of Tesla shares, a year after the stock surged by more than 50%. And in April, he sold $8 billion worth of shares before selling an additional $7 billion worth of shares in August.
Apart from spending billions of his capital on the acquisition of Twitter, the Tesla founder also got support from major equity investors like Andreesen Horowitz, Ron Baron’s BAMCO, Binance, Prince Alwaleed, and former Twitter Chief Executive Officer, Jack Dorsey.
In August, Musk stated that he won’t be seeing any more Tesla stocks to fund the acquisition of Twitter. He said it’s important to avoid any “emergency sale of Tesla stock” if Twitter forces the deal to close while equity partners do not come true.
At the time, it wasn’t clear whether the Twitter deal with Musk will be concluded following disagreements that led Musk to try and get out of the deal.
But since he acquired the social media giant, Musk has taken several Tesla engineers to assist his new platform with code review and other tasks.
Musk To Make Several Changes To Twitter
The events over the past few weeks have affected the entire stock price of Tesla, shedding 46% and wiping out a heavy part of Musk’s wealth. But the billionaire is still the richest in the world, with nearly $200 billion worth of fortune, according to Forbes.
Last week, Musk, who is also the Chief Executive Officer of SpaceX, stated that Twitter will be much easier to handle and control compared to other companies he owns after putting it on the right path. Twitter is currently undergoing a series of changes, with one of the most notable being the monthly fee of $8 for verified accounts. It means anyone would be able to have a verified account once they are paying the monthly fees.
