Musk sold nearly $4B worth of Tesla stock since Twitter acquisition

By Akshay Kedari  | Date: 2022-11-10

Musk sold nearly $4B worth of Tesla stock since Twitter acquisition

Elon Musk has reportedly sold out $3.95 billion of Tesla stock since completing the acquisition of well-known social networking firm, Twitter, late last month.

Since the Tesla CEO inked a deal to purchase Twitter for $44 billion, Tesla’s stock sales totaling 19.5 million shares have been largely anticipated.

According to sources, earlier this year, Musk had sold blocks of Tesla worth $15.4 billion since the deal to acquire Twitter was announced.

On October 27, Twitter confirmed that Musk acquired the social networking site; however, he waited to sell the additional Tesla shares until November 4. 

According to the Securities and Exchange Commission filings, Musk has also sold Tesla blocks this week.

However, there is no clarity on whether the money raised would go towards the Twitter purchase or support the losses at Twitter.

It is worth mentioning that last week Musk revealed that Twitter had seen a huge drop in revenue as many of the advertisers halted their spending on the platform due to his takeover of the firm.

He has also blamed the activist groups for pressuring advertisers for the loss of ad dollars.

For the record, Musk has declared his plans to charge $8 per month to users for having verified accounts while also disclosing deep staff cuts.

Notably, this is not an ideal time to sell the shares of Tesla, which has lost its value by 46% so far in the wake of disappointing sales caused due to supply chain issues.

As per reports, Musk received $202.52 on average, which is apparently 10% down for the Tesla shares that he has sold since the Twitter acquisition.

The shares of Tesla also dropped 0.7% in premarket trading recently.

Furthermore, the company is encountering increasing competition in the EV (electric vehicle) market from esteemed automakers like Ford, General Motors, and Volkswagen.

In addition, some investors have raised concerns for Musk as they think that the Twitter acquisition will distract him and that he will not be able to offer enough attention to address Tesla’s problems.

Source credit - https://edition.cnn.com/2022/11/08/business/elon-musk-tesla-stock-sale-twitter-purchase/index.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

By Akshay Kedari

Following this funding, Interfor's long-term debt will hold a weighted average interest of 5.30% Interfor registered a Net Debt to the Invested Capital ratio of nearly 10% as of October 31, 2022 Interfor Corporation, one of the world...

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

By Akshay Kedari

Leading real estate services and investment company, ESR Group Limited, has recently announced that its exclusively-owned subsidiary, ARA and the Export-Import Bank of China have inked a breakthrough collaboration in a deal worth USD 1 billion infras...

Circularise nabs $11M to bring circular economy to industrial supply chains

Circularise nabs $11M to bring circular economy to industrial supply chains

By Akshay Kedari

Leading software platform, Circularise recently announced that it has raised $11.3 million (€11 million) in funding as part of its Series A round in a bid to advance its mission to bring a circular economy to industrial supply chains. The fun...

Sebi approves Adani Group’s proposal for additional 26% stake in NDTV

Sebi approves Adani Group’s proposal for additional 26% stake in NDTV

By Akshay Kedari

Adani Group, an Indian conglomerate, recently opened an offer to acquire an additional 26% share in New Delhi Television (NDTV), which was positively accepted by the Indian market regulator Sebi. The deal, worth USD 60.78 million, is expected to b...

ADB and Indonesia team up on coal power plant retirement contract

ADB and Indonesia team up on coal power plant retirement contract

By Akshay Kedari

The Asian Development Bank and Indonesia, along with a private power company announced partnering to refinance and retire a coal-fired power plant under a groundbreaking carbon emissions reduction program. According to reliable sources, West Java&...