After Twitter Agreement, Elon Musk Sells at Least $3.95 Billion Worth of Tesla Shares

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Last Updated on November 9, 2022 by Bitfinsider

After completing his $42 billion acquisition of Twitter, Elon Musk has sold at least $3.95 billion worth of additional Tesla shares.

Musk sold an additional 19.5 million Tesla shares, according to documents filed with the Securities and Exchange Commission on Tuesday.

Musk sold about $22 billion worth of Tesla shares in 2021, a year in which the stock increased by more than 50 percent. In April and August of this year, he sold almost $8 billion and roughly $7 billion worth of stock, respectively.

In addition to investing billions of dollars of his own money into taking Twitter private, the CEO of Tesla relied on partners, including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, Twitter’s former CEO Jack Dorsey, and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia, to finance the deal or to roll their existing shares into his holding company for Twitter.

Musk informed followers on August 9 that he was no longer selling Tesla shares to fund a possible Twitter takeover. In a tweet, he stated, “It is crucial to avoid an emergency sale of Tesla stock in the (hopefully improbable) case that Twitter forces this deal to close and certain equity partners fail to deliver.”

Musk was still battling the social media business in court to get out of the April-proposed and agreed-upon arrangement.

Musk has recruited dozens of Tesla workers to Twitter to aid him with code review and other tasks since completing the acquisition.

Compared to the Nasdaq Composite, which is down approximately 33% year to date, Tesla shares are down 46%, wiping off a significant portion of Musk’s wealth. Forbes estimates that he has a net worth of close to $200 billion, making him the world’s richest person.

Musk informed hedge fund manager Ron Baron last week at a conference that his workload increased from 78 to 120 hours per week.

Musk, who is also the CEO of SpaceX, stated on stage that “once Twitter is on the correct track, I believe it will be far easier to manage” than his other businesses. Musk has hinted that his job as “Chief Twit” and sole director at the firm is only temporary, although he has not specified who will succeed him as Twitter’s CEO.

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