May 16, 2022

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Elon Musk sells US$4 billion value of Tesla shares, says he's executed promoting

Tesla CEO Elon Musk has been promoting Tesla shares just lately.

In accordance with 4 new SEC filings, Musk bought about 4.4 million TSLA shares for roughly US$4 billion on Tuesday and Wednesday, the CNBC reported.

The transfer comes as Musk prepares to take possession of Twitter, which just lately agreed to Musk’s US$44 billion takeover bid at US$54.20 per share.

Some of his fans reacted negatively to the information, calling Musk out for promoting extra of his TSLA inventory (In November 2011, Musk bought roughly 10 p.c of his Tesla inventory after working a ballot on Twitter asking whether or not he ought to promote). In 2013, Musk said that his cash was the primary in (into Tesla) and promised that will probably be the final out.

On Friday, Musk mentioned in a tweet that he doesn’t plan to promote any extra Tesla inventory.

Musk, who has generally been described as “money poor” given that the majority of his wealth is tied in Tesla shares, in addition to shares of different corporations he runs, together with SpaceX and The Boring Firm, doubtless wanted the money to assist finance the Twitter deal, although he did not provide a proof for the transfer.

If you’re scared for the Coca-Cola Company – Musk recently joked that he was shopping for Coca-Cola to “put the cocaine again in” – worry not, with a market cap of about US$287 billion, Musk’s freshly acquired money would not be sufficient for a takeover.

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