Eron Musk, CEO of Tesla, an electric vehicle maker, has agreed to buy Twitter for $ 44 billion, following which it has $ 4 billion worth of shares. Sold.
He sold a total of regarding 4.4 million shares on the 26th and 27th, according to a filing with the US Securities and Exchange Commission (SEC) released on the 28th. Wall Street analysts and Tesla shareholders believed that Musk might need to sell shares to cover the $ 21 billion equity portion of the Twitter acquisition.
Immediately following the notification to SEC was revealed, he tweeted, “There are no plans to sell additional Tesla shares from today.”
Mr. Musk has been Tesla’s CEO since 2008 and has long been the company’s largest shareholder, and the acquisition of Twitter has raised some “keyman risks” for Tesla. His confirmation of the sale of Tesla’s shares might confuse the company’s shareholders, many of whom are small investors.
Tesla shares fell 12% on the 26th, the biggest drop since September 2008, and the closing prices on the 27th and 28th were almost unchanged from the previous day.
news-rsf-original-reference paywall">Original title:
news-rsf-original-reference paywall">Musk Sells $4 Billion Worth of Tesla Shares After Twitter Deal(excerpt)
