elon Musk: Elon Musk sells Tesla stock worth $ 4 billion, says no more sales are expected
Musk said in a tweet that “no further sales of TSLA are expected after today.” He sold 4.4 million shares on Tuesday and Wednesday, according to documents, representing 2.6% of his stake in the company.
The sale came after Musk on Monday struck a deal to buy Twitter for $ 44 billion in cash in a transaction that will shift control of the social media platform populated by millions of global users and leaders to the richest person in the world. Musk’s net worth is $ 268 billion, according to Forbes.
As part of the deal, Musk said he would provide a $ 21 billion equity commitment.
It is unclear how it will cover the remaining $ 17 billion in equity financing. Musk holds a 43.61% stake in unlisted rocket company SpaceX which is reportedly worth $ 100 billion.
Musk has sought partners to reduce his equity contribution to the deal, one person familiar with the matter told Reuters, adding that he is far from certain such a partner will emerge.
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This is his first Tesla stock sale since he downloaded $ 16.4 billion worth of shares in November and December after questioning Twitter users about the sale of his 10% stake in the electric car maker.
Musk said on Twitter that he would pay more than $ 11 billion in taxes in 2021 due to his exercise of stock options that will expire this year.
Some traders worried this week that Musk may not have enough money to fund his $ 21 billion cash contribution and may be leaving the deal, weighing on Twitter stock.
Tesla shares They have dropped nearly 20% since Musk revealed his over 9% stake in Twitter on April 4. Investors have expressed concern that Musk may have to sell Tesla stock to fund his equity contribution to the takeover bid.
As part of Agreement on Twitter, Musk also took out a $ 12.5 billion margin loan tied to his Tesla stock. He had already borrowed about half of his Tesla stock.