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Amid Twitter Takeover, Elon Musk Sells Tesla Shares Worth $4 Billion
Tesla CEO Elon Musk
Day after striking a deal to buy Twitter for around $44 billion, Tech billionaire Elon Musk has sold Tesla shares worth $4 billion, Reuters reports.
The world’s richest man declared on the social networking platform that no additional share sales of the electric vehicle (EV) company are planned following this move.
As per the US securities filings, the recent sale equates to about 2.6 per cent of his stake in the company.
As part of Musk’s deal to purchase Twitter for $44 billion, he will have to give $21 billion in equity commitment. Musk had earlier informed that he secured $25.5 billion of financing for the deal.
So far, it is not clear how he will cover the remaining $17 billion of equity financing.
A source in the know of developments told Reuters that Musk is pursuing partners to cut down his equity contribution to the aforementioned transaction.
Late last year, the tech billionaire had offloaded Tesla shares worth $16.4 billion.
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