Amid Twitter Takeover, Elon Musk Sells Tesla Shares Worth $4 BillionTesla 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.

Tags: 

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement