Elon Musk Sells Tesla Shares Worth $8.5 Billion Ahead of Twitter Takeover

By H.JanGra April  30, 2022

Tesla Chief Executive Officer Elon Musk sold $8.5 billion  worth of shares in the electric vehicle maker, US securities filings showed, in sales likely aimed at helping finance his planned purchase of Twitter.

Musk said in a tweet on Thursday that there are "no further TSLA sales planned after today". He sold about 9.6 million shares this week

The sale came after Musk on Monday clinched a deal to buy Twitter for $44  in cash in a transaction 

Musk's net worth is $268 billion (roughly Rs. 20,50,725 crore), according to Forbes. As part of the deal, Musk said he would provide a $21 billion (roughly Rs. 1,60,690 crore) equity commitment.

It was not immediately clear how the billionaire would raise the remaining $12.5 billion (roughly Rs. 95,600 crore) of equity financing.

Musk holds a 43.61 percent stake in unlisted rocket company SpaceX, which is reportedly valued at $100 billion (roughly Rs. 7,65,230 crore).

Tesla shares rose about 5 percent in morning trading on Friday. They have tumbled about 20 percent since Musk's disclosure of a more than 9 percent stake in Twitter on April 4.

As part of the Twitter financing deal, Musk secured commitments for $13 billion (roughly Rs. 99,480 crore) in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla stock.