Tesla Chief Executive Officer Elon Musk will be selling his 19.5 million shares of the company worth $3.95 billion. No explanation on why did he sell this huge amount of shares but this might go to the $44 billion deal on acquiring Twitter, which he closed the deal last month.
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GRUENHEIDE, GERMANY - MARCH 22: Tesla CEO Elon Musk contemplates during the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is producing the Model Y as well as electric car batteries.
Elon Musk Sells Tesla Shares
On Tuesday, American entrepreneur Elon Musk sold $3.95 billion worth of Tesla shares as he closed the $44 billion acquisition deal with Twitter. According to TechCrunch's report, the United States Securities and Exchange Commission obtained three fillings from the CEO.
In 2021, Musk also sold $22 billion worth of shares from the same company, the same year when the stock increases by over 50%. Meanwhile, he sold $8.4 billion worth of shares in April and $6.9 billion worth in August.
During these times, he confirmed that he will be done selling shares. "In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock," Musk stated when asked by $TSLA investor Sawyer Smith.
Aside from selling his shares, the CEO relied on his business partners for acquiring Twitter. CNBC reported that these include equity investors Binance, Ron Baron's BAMCO, Andreessen Horowitz, Twitter's former CEO Jack Dorsey, and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia.
Despite Tesla stocks being down to 46% this year, Musk is still the richest person in the world with a net worth of $200 billion, as reported by Forbes.
Twitter's State
Based on a report from The Verge, Twitter has been struggling after Musk's captaincy. Several advertisers halted their operations on Twitter because of the changed positions. Adding to this, Top Advertising Executive Sarah Personette also resigned.
According to the report, Musk has been meeting the advertisers personally yet these resulted to unfinished meetings due to some comments and actions that he did that made them worry. AdWeek also reported that some of the questions from the brands were not answered.
Meanwhile, he pulled several engineers from Tesla to Twitter as he ask for assistance with code review and other works from the social media platform after acquiring the company. He stated during the conference last week with hedge fund manager Ron Baron that "once Twitter is set on the right path, I think it will be much easier thing to manage.
There are still no confirmations regarding who will be the new Chief Executive Officer of Twitter as he clarified that his role to the company as "Chief Twit" and sole director is only temporary.
Related Article: Elon Musk Twitter Takeover: Someone Remembers His Tweet Three Years Ago; Is He Driving Away Customers?
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Written by Inno Flores
