World Richest man and Tesla’s CEO Elon Musk has sold $3.95 billion worth of shares in the electric-vehicle maker, regulatory filings showed, days after he closed the $44-billion deal for Twitter.
According to the calculations, The latest sale brings the total Tesla stocks sold by Elon Musk to about 36 billion Dollars since November last year, leaving him with a roughly 14% stake in the world’s most valuable automaker.
Elon Musk unloaded 19.5 million shares between Friday and Tuesday, filings published by the US Securities and Exchange Commission showed late Tuesday.
Analysts had widely expected Elon Musk to sell more Tesla shares to finance the Twitter deal even though the world’s richest man had asserted several times that he was done selling Tesla stock.
He sold $6.9 billion worth of Tesla shares in August and had amassed about $20 billion in cash through multiple stake sales from November last year to August.
According to the calculations, This would have left him in need to raise an additional $2 billion to $3 billion to finance the Twitter deal.
The billionaire last month closed the deal with $13 billion in loans from banks and a $33.5 billion equity commitment, which included his 9.6% Twitter stake worth $4 billion and $7.1 billion from investors including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal.
Shares of Tesla were up by 0.7% to $192.64 in premarket trading. The company has lost nearly half its market value ever since Musk bid for Twitter in April.
Remember that Tesla CEO Elon Musk a few days ago take over the Twitter and fired the executive staff after the 44 billion Dollars deal.