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Elon Musk Sells $4 Billion in Tesla Shares, Says No More Sales Planned

Elon Musk Sells $4 Billion in Tesla Shares, Says No More Sales Planned

Tesla Chief Executive Officer Elon Musk sold $4 billion (roughly Rs. 30,610 crore) worth of shares in the electric automobile maker, United States securities filings revealed on Thursday, in sales likely aimed at helping fund his organized purchase of Twitter.Musk stated in a tweet that there are “no additional TSLA sales prepared after today.” He sold 4.4 million shares on Tuesday and Wednesday, according to the filings, equating to 2.6 percent of his stake in the company.The sale came

after Musk on Monday clinched a deal to buy Twitter for $44 billion (roughly Rs. 3,36,690 crore) cash in a transaction that will shift control of the social networks platform populated by countless users and worldwide leaders to the world’s richest person. Musk’s net worth is $268 billion (roughly Rs. 20,50,725 crore), according to Forbes.As part of the deal, Musk stated he would provide a$ 21 billion(approximately Rs. 1,60,690 crore)equity commitment.It is unclear how he will cover the remaining$

17 billion (roughly Rs. 1,30,090 crore )of equity funding. Musk holds a 43.61 percent stake in unlisted rocket company SpaceX that is apparently valued at$100 billion( roughly Rs. 7,65,230 crore ). Musk has been trying to find partners to lower his equity contribution to the deal, a person familiar with the matter told Reuters, including that it is far from particular such a partner will emerge.This is his very first Tesla stock sale because he unloaded$16.4 billion (roughly Rs. 1,25,500 crore) worth of shares in November

and December after ballot Twitter users about offering 10 percent of his stake in the electric vehicle maker.Musk said on Twitter that he would pay more than$11 billion(approximately Rs. 84,140 crore )in taxes in 2021 due to his workout of stock alternatives set to end this year.Some traders have actually fretted today that Musk may not have enough money relaxing to fund his $21 billion(roughly Rs. 1,60,690 crore) money contribution and might ignore the deal, weighing on Twitter shares.Tesla shares have fallen almost 20 percent given that Musk revealed his over 9 percent stake in Twitter on April 4. Financiers have actually expressed issue that Musk may need to sell Tesla shares to money his equity contribution to the takeover offer.As part of the Twitter offer, Musk likewise got a$12.5 billion(roughly Rs. 95,600 crore )margin loan tied to his Tesla stock. He had currently borrowed against around half of his Tesla shares. © Thomson Reuters 2022

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