March 29, 2023

Dubai Week

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Elon Musk is creating a new era by selling $ 4 billion worth of Tesla shares

Elon Musk is creating a new era by selling $ 4 billion worth of Tesla shares

Elon Musk sells $ 4 billion worth of Tesla shares after the announcement … $ 44 billion deal to buy Twitter.

Disclosures show that between April 26 and April 27, Tesla’s CEO disposed of about 4.4 million shares.

According to a Bloomberg report seen by Al Arabia Net, Wall Street analysts and electric car maker investors suspect that Musk may have to sell some of the shares to offset the $ 21 billion capital of the privately guaranteed deal.

Shortly after the announcement, Musk tweeted, “No more Tesla stock sales planned.”

On Monday, Musk and Twitter signed an agreement to buy the world’s richest social networking company. Since Musk has been the CEO since 2008 and has been a major shareholder for a long time, his venture raises a number of issues and risks for Tesla. Meanwhile, confirmation of his sale could alert shareholders, including dozens of retail investors.

Shares of Tesla fell 12% on April 26, the highest since September 2020, and suffered minor changes over the next two sessions, closing at $ 877.51 on Thursday.

Another $ 12.5 billion is being protected by his stake in Tesla from Musk’s Twitter deal.

Shares of Twitter closed at $ 49.11 on Thursday, less than the $ 54.20 that investors will receive for each share they hold under the company’s deal with Musk.

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