According to U.S. securities filings, Elon Musk, CEO of Tesla Inc., sold 19.5 million shares of the electric vehicle manufacturer on Tuesday for $3.95 billion, just days after completing the $44 billion acquisition of Twitter Inc.
According to a Reuters calculation, Musk, the richest man in the world, would have needed to raise an additional $2 billion to $3 billion to finance the Twitter deal, despite having approximately $20 billion in cash after selling a portion of his stake in Tesla.
Analysts had also widely anticipated Musk to sell additional Tesla shares before the most recent stock sale. After completing a share sale in April and August, Musk had previously stated that he would not be making any additional sales.
Since Musk’s April bid for Twitter, Tesla has lost nearly half of its market value, and his net worth has dropped by $70 billion.
A few days ago, Musk bought Twitter for $44 billion. He has taken drastic measures, like firing half the employees and planning to charge for blue check verification marks.
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