Elon Musk Sells Nearly $4B In Tesla Stock After Committing To Buy Twitter For $44B
deadline.comElon Musk has sold nearly $4 billion worth of Tesla stock in the less than two weeks since he closed the deal to buy Twitter.
That’s according to CNBC, citing SEC filings. Musk, who purchased the troubled social media platform on October 27 for $44 billion, said that he was done selling roughly $7 billion in Tesla to fund the sale in August.
Musk’s purpose for the more recent selloff has not been disclosed but, unlike 2021 when he sold $22 billion worth of the then-surging Tesla, Tesla shares are off 46% this year, so his $3.95 billion decision unlikely to be about profit-taking.
Musk admitted late last week that Twitter was losing millions a day and said that was among the reasons he chose to cut its workforce roughly in half. “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” wrote Musk late Friday afternoon.
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