Topline
Elon Musk sold more than 4.4 million shares of electric car company Tesla earlier this week for just under $4 billion, according to Securities and Exchange Commission filings released Thursday evening, shortly after the billionaire Tesla CEO agreed to buy Twitter.
Tesla CEO Elon Musk talks on August 13 near Berlin, Germany.
Key Facts
The sales took place on Tuesday and Wednesday, at prices ranging between about $872 and $999 per share, the regulatory filings said.
Musk still owns more than 168 million shares of Tesla.
Shortly after the sales were disclosed, Musk tweeted: “No further TSLA sales planned after today.”
Big Number
$246.2 billion. That’s Musk’s net worth, according to Forbes’ estimates. His stakes in Tesla and rocket maker SpaceX account for most of his wealth.
Key Background
Twitter’s board of directors agreed Monday to sell the company to Musk, wrapping up a dramatic period that began with Musk buying up 9.2% of Twitter and later making an unsolicited bid to purchase the entire social media company at a valuation of $44 billion. The deal—which still needs to be approved by Twitter’s shareholders—will require Musk to come up with some cash: The billionaire offered to pay for Twitter using $21 billion in equity financing, in addition to more than $20 billion in loans.
Tangent
Shares of Tesla have fallen more than 12% this week, closing at $877.51 Thursday. Some analysts think the sliding share prices are tied to Musk’s commitment to buying Twitter, which could distract the Tesla CEO and force him to sell part of his stake in the company.
Source: https://www.forbes.com/sites/joewalsh/2022/04/28/elon-musk-sells-about-4-billion-in-tesla-shares-ahead-of-planned-twitter-purchase/