May 16, 2022

News Collective

Complete New Zealand News World

Musk sold nearly $4,000 million in Tesla stock after Twitter 'yes' |  Economy |  Dr..

Musk sold nearly $4,000 million in Tesla stock after Twitter ‘yes’ | Economy | Dr..

Billionaire Tesla CEO Elon Musk sold about $4,000 million of the electric car company’s stock in the next two days after Twitter’s board accepted the takeover offer, according to documents published Thursday (28.04.2022).

The US Securities Exchange Commission (SEC) said that between Tuesday and Wednesday this week, Musk sold more than 4.4 million shares of Tesla at a price ranging between $870 and $1,000 each.

Musk’s sales coincided with a sharp decline in the value of shares in Tesla, whose CEO held about 17% of its capital before the start of the week.

No more stock sales.

“No more Tesla stock sales planned after today,” the South African billionaire wrote on his Twitter account on Thursday as the numbers were announced.

Musk, the world’s richest man according to Forbes, achieved his goal on Monday to take over the social network Twitter, which he described as a “digital town square”, after the company accepted an offer to buy it for $44 billion.

The chief of Tesla, which owns more than 9% of Twitter shares, launched a sharp buy-up offer on April 14, “the best and last,” at $54.20 per share, which is ultimately what will pay him through in person.

The South African businessman, very fond of this social network, presented himself as a defender of “freedom of speech” on the podium and now appears to be carrying this mission as a flag in his new foray, which he gave so much in little detail.

jc (ef, ap)