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Elon Musk Sells $3.95 Billion Worth Of Tesla Stock

By 11/09/2022 8:04 PMNo CommentsBy YidInfo Staff

Elon Musk, the CEO of Tesla and the new owner of Twitter, has reportedly sold roughly $4 billion worth of Tesla stock.

According to documents filed with the Securities and Exchange Commission on Tuesday, Musk, who paid $44 billion for Twitter, sold 19.5 million shares of the electric vehicle manufacturer between November 4 and November 8.

In August, he sold $7 billion of his Tesla stock to raise money for the Twitter acquisition he was attempting to avoid.

According to Tuesday’s papers, Musk has sold more than $19 billion worth of Tesla stock overall since April, likely to pay for his half of the Twitter acquisition.

Tesla Inc. stock is where the majority of Musk’s fortune is invested.

According to Forbes, his net worth fell below $200 billion on Tuesday, although he is still the wealthiest man in the world.

Morgan Stanley was one of the institutions that Musk had arranged to help fund the Twitter transaction. Wedbush Analyst Dan Ives calculated that his initial portion of the deal was $15.5 billion.

Musk would be responsible for finding replacement equity investors or contributing more of his own money if they withdrew.

Shares of Tesla finished at $191.30, down $5.78, or 2.9%. Since the beginning of the year, the stock has lost 52% of its value.

The S&P 500 index, in contrast, has lost approximately 20% of its value so far this year.

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