Elon Musk offloaded about $3.95 billion worth of Tesla shares days after officially taking over Twitter.

The billionaire sold 19.5 million shares of the electric car company, according to filings with the Securities and Exchange Commission released Tuesday.

The major dump came less than two weeks after Musk officially took over Twitter.

Musk had sold a whopping $8.5 billion worth of shares in April in preparation for the acquisition, but claimed he would not sell anymore for the foreseeable future.

He then sold another $6.9 billion work of stock in August before again claiming he had no more plans to sell.

“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk said in August.

Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington.
Elon Musk sold $3.95 billion worth of his Tesla shares this week, filings show.
AP

Musk now owns 445.6 million Tesla shares excluding options, or nearly 14% of the company, Forbes reported.

Tesla stocks have dropped as much as 46% in value this year, CNBC said.

The company is facing a Department of Justice investigation after at least a dozen cars on Autopilot mode led to crashes, some fatal.

Musk has come under fire throughout his acquisition of Twitter, most recently after firing roughly 3,700 employees “in an effort to place Twitter on a healthy path” and announcing plans to offer a verified subscription plan for $8 per month.



Source link

Author

Comments are closed.