Elon Musk has sold $3.95 billion worth Tesla stock
Since the Twitter deal closed, Elon Musk has sold $3.95 billion worth of Tesla stock! Following Musk’s $44 billion deal to buy Twitter, the Tesla CEO’s stock sales of 19.5 million shares were widely anticipated. A total of $15.4 billion in Tesla shares had been sold by Musk since his Twitter deal was announced earlier this year.
The money Musk raised is unclear whether it was used to acquire Twitter or support losses at the company since he took over.
Despite Musk’s purchase of Twitter on October 27, he did not begin selling Tesla shares until November 4. According to filings to the Securities and Exchange Commission late Tuesday night, he also sold blocks of Tesla stock on Monday and Tuesday.
Before Musk took over and advertisers fled, Twitter lost $270 million in the quarter that ended June 30. As of June 30, it had only $2.7 billion in cash. Besides making deep staff cuts, he’s charging users $8 a month to have verified accounts.
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In the wake of Musk’s takeover of Twitter, an increasing number of advertisers have stopped spending on the platform. Ad dollars have been lost due to pressure from “activist groups” on advertisers.
Elon Musk has sold $3.95 billion worth Tesla stock in falling shares
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According to Dan Ives, a tech analyst with Wedbush Securities, Musk’s ownership of Twitter has been a “debacle of epic proportions.” Even though Musk’s sales of Twitter in the last two weeks may have helped pay off some short-term financing used to close the Twitter deal, it can’t be ruled out that big losses at Twitter made it necessary to close the deal.
” Twitter becomes a quicksand deal the more he gets involved,” said Ives.
In premarket trading on Wednesday, Tesla (TSLA) shares dropped 1.5%.
The time is not right to sell Tesla shares, which have dropped 46% in value this year due to supply chain problems. Tesla shares Musk sold since the Twitter deal closed were worth an average of $202.52, down 10% from the closing price of his Twitter deal.
VW, Ford, and General Motors are among the established automakers competing in the electric vehicle market. Tesla’s problems may not get enough attention from Musk because of his purchase of Twitter, according to some investors.
According to Ives, Tesla investors are subjected to a never-ending Twitter albatross. Tesla has a golden child that needs Musk’s attention more than ever, and Musk must stop this constant merry-go-round of tweets overshadowing the Tesla story.”
Elon Musk has sold $3.95 billion worth Tesla stock – The 3 recent blocks Off charts
Taking into account options he has to buy additional Tesla shares, these three most recent Tesla stock sales represent less than 3% of Musk’s holdings outright.
In April, Musk purchased 73 million shares of Twitter (TWTR) for $2.6 billion, or about 9% of the company. In the process of buying the company, he became its largest shareholder.
Immediately after announcing the deal, he disclosed that he had sold $8.5 billion worth of Tesla shares, which he had intended to use to raise the funds for the purchase of Twitter.
The reason for Musk’s earlier stock sales was not disclosed in his filings. He responded “Yes” to someone on Twitter asking if he was done selling Tesla shares, and then mentioned the possibility of being forced to buy Twitter as a reason for the sales.
Musk sold 3 times as many Tesla shares to raise the same amount of cash as in his earlier Tesla sales. But his holdings of Tesla shares also tripled due to the split.
Tesla stock was rarely sold prior to Musk’s interest in Twitter; typically, Tesla stock was sold when he exercised stock options to pay taxes.
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Tesla shares were still being sold after Musk announced a change of heart and fought Twitter’s lawsuit to force him to buy the company. Tesla shares were sold for $6.9 billion in August, according to filings.
He realised a total of $16.4 billion when he sold the 15.7 million pre-split shares at the end of 2021, after exercising stock options and avoiding expiration. More than $10 billion in taxes are likely to be owed by him. It is likely that he had roughly $5 billion left over after paying the tax bill and exercising those options. Some of those funds may have been used to purchase his initial Twitter stake.
After adjusting for the Tesla stock split since then, Musk’s latest sales represent the lowest price he received when he sold Tesla shares in late 2021, down 42% from what he received in April and August.
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