Elon Musk Sold Tesla Stocks to Fund $44 Billion Twitter Acquisition
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Elon Musk sold Tesla stocks to raise money for his acquisition of social media platform, Twitter.
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Filings with the Securities and Exchange Commission have shown that Musk cashed in on $4 billion worth of Tesla shares.
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The billionaire has taken to Twitter to reveal that he has no further plans to sell his stocks in the company.
Tesla CEO, Elon Musk sold roughly $4 billion worth of Tesla shares a few days ago, according to filings with the Securities and Exchange Commission. The billionaire reportedly cashed in on the shares to fund his bid for social media giant, Twitter.
In a flurry of trades that took place on Tuesday and Wednesday, the Tesla boss sold 4.4 million shares of his electric vehicle company. After Elon Musk sold Tesla stocks, the price crashed by 12% on the same day.
As investors in the car company became worried, the billionaire announced on Twitter that he was done selling. The world’s richest man made the remark in response to an account that promotes Tesla stock and products on Twitter.
No further TSLA sales planned after today
— Elon Musk (@elonmusk) April 29, 2022
Elon Musk made an official offer for Twitter a few weeks ago. The billionaire plans to take over the social company for $44 billion and give room for free speech on the platform. The 50-year-old’s offer of $54.20 per share was accepted earlier this week. All that is left now for the deal to go through is shareholder and regulatory approval.
Musk would have to pay Twitter a termination fee of $1 billion if he fails to secure enough funding to complete the deal. Meanwhile, Twitter would owe him a breakup fee of the same amount it decides to terminate the deal, according to the SEC filing.
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