Elon Musk sells Tesla shares worth $4 billon
The Hindu
No more sales planned, says the Tesla chief
Tesla Inc Chief Executive Officer Elon Musk sold $4 billion worth of shares in of the electric vehicle maker, U.S. securities filings showed on Thursday, April 28, 2022, in sales likely aimed at helping finance his planned purchase of Twitter Inc.
Mr. Musk said in a tweet that there are “no further TSLA sales planned after today.” He sold 4.4 million shares on Tuesday and Wednesday, according to the filings, equating to 2.6% of his stake in the company.
The sale came after Mr. Musk on Monday clinched a deal to buy Twitter for $44 billion cash in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person. Musk’s net worth is $268 billion, according to Forbes.
As part of the deal, Mr. Musk said he would provide a $21 billion equity commitment.
It is not clear how he will cover the remaining $17 billion of equity financing. Mr. Musk holds a 43.61% stake in unlisted rocket company SpaceX that is reportedly valued at $100 billion.
Mr. Musk has been looking for partners to reduce his equity contribution to the deal, a person familiar with the matter told Reuters, adding that it is far from certain such a partner will emerge.
This is his first Tesla stock sale since he offloaded $16.4 billion worth of shares in November and December after polling Twitter users about selling 10% of his stake in the electric car maker.
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