Elon Musk Sells $4Bln Worth of Tesla Shares After Inking Twitter Deal, US SEC Shows
12:02 GMT 29.04.2022 (Updated: 12:56 GMT 14.04.2023)
© AP Photo / David ZalubowskiThe company logo shines off the grille of an unsold 2020 Model S sedan at a Tesla dealership Sunday, July 19, 2020, in Littleton, Colorado.
© AP Photo / David Zalubowski
MOSCOW (Sputnik) - US billionaire Elon Musk has sold 4.4 million shares worth about $4 billion of his electric car-making company Tesla after reaching an agreement to acquire Twitter, according to the US Securities and Exchange Commission's (SEC) documents.
Musk made transactions on Tuesday, when Tesla stocks lost 12% in value, and on Wednesday, when stocks grew 0.6%, according to the documents. Musk said on Thursday that he will no longer be selling his Tesla shares.
On Monday, Musk reached an agreement with Twitter on the acquisition of the social network for $54.20 per share in a transaction valued at approximately $44 billion. Musk later said that he would like to revolutionise Twitter’s role in public debate as "free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated".
The billionaire said earlier that he was ready to spend $21 billion of his own funds to seal the deal, and that Morgan Stanley Senior Funding, Bank of America, Barclays, and other institution will provide $25.5 billion in debt financing, with some $12.5 billion to of the loan to be secured with Tesla shares.