- This information was disclosed in a US securities filing.
- A total of 9.6 million shares, worth $8.5 billion, were sold by Musk in April.
As one would expect, Elon Musk’s acquisition of Twitter has caused quite a stir. Musk has been selling his Tesla shares at regular intervals, suggesting he has been preparing for this transaction for some time. But the most recent one happened days after his massive $44 billion purchase.
The CEO of electric car manufacturer Tesla was recently revealed to have sold an astounding 19.5 million shares. It was estimated that $3.95 billion was at stake in these shares. This information was disclosed in a US securities filing. However, it should be emphasized that the documents did not indicate whether the most recent transactions were prearranged.
Tesla Shares Dropped by 35% Since April
As was indicated before, the world’s wealthiest man, Elon Musk, has been selling off his Tesla shares over the last several months. A total of 9.6 million shares, worth $8.5 billion, were sold by Musk in April. The CEO of Tesla sold another $7.9 million in shares in August, bringing his total August sales to $6.9 billion.
Reuters estimated that Musk, after selling some of his Tesla stakes, had around $20 billion in cash and would have needed to raise another $2 billion to $3 billion to finance his purchase of Twitter. Tesla seems to have been struggling as a result of Musk’s dominance on Twitter. Since Musk declared in April that he would buy Twitter, Tesla shares have dropped 35%.
As time went on, Elon Musk saw his fortune drop below the $200 billion threshold. According to Forbes, Musk’s net worth fell to $195.6 billion. Tesla’s slide to a 52-week low in the early morning trading was a major factor.
