Elon Musk Sells $3.95 Bln Worth Tesla Shares
(RTTNews) - Tesla Inc. founder and Chief Executive Officer Elon Musk has sold at least $3.95 billion worth of his stake in the electric vehicle maker after completing his $44 billion acquisition of Twitter Inc., U.S. regulatory filings showed.
In pre-market activity on Nasdaq, Tesla shares were gaining around 1.7 percent to trade at $194.50.
According to Tuesday's filings with the Securities and Exchange Commission, Musk sold 19.5 million more shares of Tesla. In 2021, Musk had sold almost $22 billion worth of Tesla shares. Further, he sold over $8 billion worth of stock in April this year. In August, he had sold around $7 billion worth stake in Tesla, stating then that the move was to avoid an emergency sale of its stock in the event of a forceful Twitter deal.
Before the latest share sale, Musk reportedly owned about 25% of Tesla between stock and options.
It was on October 28 that Musk closed the Twitter deal following months of legal battle, with equity and debt financing from various sources, including equity investors.
Following the purchase, he dismissed the then CEO Parag Agrawal, as well as certain other key executives, and also cut about half of staff.
Musk is now "Chief Twit" and sole director at Twitter, which he reportedly said will be temporary roles.
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