Elon Musk Sells $4 Billion Of Tesla Stock: Sec Filing
A week after buying Twitter, Musk has sold $4 billion worth of his Tesla shares. He had financed much of his $44 billion Twitter purchase with Tesla stock.
Billionaire Elon Musk sold nearly $4 billion worth of shares in the electric car company, SEC filings showed on Tuesday, more than a week after he closed a deal
He had funded much of his $44 billion Twitter purchase by selling Tesla stock.
Musk has been pushing for ways to pay for the massive deal, for which he took on billions of dollars in debt and earlier sold $15.5 billion worth of shares in Tesla.
The documents filed with the SEC showed that he had disposed of more than 19 million shares, worth more than $3.9 billion.
Elon Musks Personal Net Worth Dropped Below $200 Billion On Nov 8 According To Forbes But He Is Still The Worlds Richest Person
Elon Musk, Twitters new owner and Tesla CEO. File| Photo Credit: Reuters
and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings.
, sold 19.5 million shares of the electric car company from November 4 to November 8, according to Tuesdays filings with the Securities and Exchange Commission.
He sold $7 billion of his Tesla stock in August as he worked to finance purchase he was trying to get out of at the time.
In all, Mr. Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesdays filings, likely to fund his share of the Twitter purchase.
Most of Mr. Musks wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the worlds richest person.
Mr. Musk had lined up banks, including Morgan Stanley, . His original share of the deal was about $15.5 billion, Wedbush Analyst Dan Ives estimated.
But if equity investors dropped out, Mr. Musk would be on the hook to replace them or throw in more of his own money.
Teslas shares closed down $5.78 or 2.9%, at $191.30. The stock has lost 52% of its value since the start of this year.
In comparison, the S and P 500 index has lost about 20% of its value so far this year.
Whats Happening With Tsla Stock
This week is off to a rocky start for TSLA stock as Musk shows no signs of shifting focus. Shares fell this morning and although they have rebounded slightly, the stock is down almost 2.5% for the morning as of this writing. TSLA enjoyed a slight boost as markets rebounded last week but it remains in the red by almost 7% for the month. Theres no getting around the fact that so far, Tesla has been the biggest loser of Musks Twitter acquisition.
Wall Street was never excited about Musk taking over another very different company. His plans to create one overarching company to encompass Tesla, Twitter and his other non-public ventures was exactly what investors didnt want to see. And as InvestorPlace pointed out, plenty of experts agreed that Musk taking over Twitter would sink Tesla stock.
Now that list has grown as Musks handling of Twitter has generated considerable speculation as to his ability to run two sector-leading companies. InvestorPlace Markets Analyst Thomas Yeung recently laid out several reasons why Musk may have inadvertently pushed TSLA stock into a race to the bottom. While he acknowledges that a turnaround is possible, Yeung acknowledges the many obstacles that Musk is facing. As he notes:
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Will Elon Musk Tank Tesla Stock
Investors are running if Musk can run two companies. So far, the answer is no.
- Elon Musk taking over hasnt gone well for Tesla stock.
- The company that made him a billionaire is tanking hard.
- As shares fall, experts wonder if the electric vehicle leader can recover.
Since Elon Musk finalized his acquisition of , operations at the social media platform have spiraled out of control. After implementing large-scale layoffs, he has had to walk some back all while dealing with advertisers taking their business elsewhere. More recently, he floated the possibility of a sending more negative shockwaves down Wall Street.
While the social media company is now private, Tesla is not and while its CEO is otherwise occupied, it has been trending downward. Andy Wu of the Harvard Business School recently speculated that Musk may sell more TSLA stock in order to bail out Twitter. But given how Tesla has been performing lately, that may not be a good idea. Since Musk assumed control of Twitter, TSLA has fallen more than 16% and shows no signs of slowing down.
Lets take a look at what investors can expect from Musk and from Tesla.
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Elon Musk Sells Tesla Shares Worth $395bn After Twitter Takeover
Worlds richest person sold 19.5 million shares of the electric car company after he bought Twitter.
Tesla CEO Elon Musk has sold $3.95bn worth of Tesla shares, according to US regulatory filings, days after he for $44bn.
Musk sold 19.5 million shares of the electric car company between Friday and Tuesday, US Securities and Exchange Commission data showed on Tuesday.
The latest sale drops the worlds richest persons net worth below $200bn, leaving him with a stake of roughly 14 percent in Tesla, according to a calculation by Reuters news agency. The purpose of the sale was not disclosed.
Since April, including Tuesdays fillings, Musk has sold more than $19bn worth of stocks in Tesla, reportedly to fund his share of the Twitter purchase.
Musk said in April that he was done selling Tesla stock but sold another $6.9bn worth of shares in August.
Tesla has lost nearly half its market value and Musks net worth slumped by $70bn ever since he bid for Twitter in April.
Elon Musk Sells Almost $4 Billion Worth Of Tesla Shares After Twitter Takeover
EuronewsAP & Reuters
Tesla CEO Elon Musk sold nearly $4 billion worth of Tesla shares just days after he completed his purchase of Twitter for $44 billion , US regulatory filings show.
Musk, whose net worth dropped after investors dumped Tesla stock, sold 19.5 million shares of the electric car company from November 4 to November 8, according to filings with the Securities and Exchange Commission.
The purpose of the sale was not disclosed. But analysts had widely expected Musk to sell additional Tesla shares to finance his Twitter deal.
Musk, the world’s richest man, had said in April he was done selling Tesla stock. Still, he went on to sell another $6.9 billion worth of Tesla shares in August and said this was to pay for the social media platform.
Tesla stock has lost 52 per cent of its value since the start of this year. In comparison, the S& P 500 index has lost about 20 per cent of its value so far this year.
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Elon Musk Sells Almost $4b Of Tesla Stock
Tesla CEO Elon Musk sold $3.95 billion worth of shares in the electric car company within the last week, following his recent purchase of Twitter, The Associated Press reported.
Musk sold 19.5 million Tesla shares from Nov. 4 to Nov. 8, according to recent filings with the U.S. Securities and Exchange Commission. The billionaire has now sold more than $19 billion worth of stock in the company since April, when he first announced his plans to buy Twitter, according to the AP.
Musk took over Twitter late last month after finalizing his $44 billion acquisition of the social media platform. The takeover has been controversial, with Musk ousting the companys previous leadership and laying off about half of its workforce.
The billionaire previously cited revenue losses as a reason for the staff slashing, claiming earlier this month that the company was hemorrhaging millions of dollars per day.
The new Twitter CEO has previously vowed to make the platform a virtual town square where free speech would be valued. Hes also indicated that hes not in favor of permanent bans on the platform, raising questions about whether former President Trump will return to Twitter.
Musk announced changes to the social media platforms functions, with new rules regulating content and Twitter verification set to become a paid subscription.
Elon Musk Sells $395 Billion Worth Of Tesla Stock
Twitter’s new owner and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings
Twitter’s new owner and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings.
Musk, who bought for $44 billion, sold 19.5 million shares of the electric car company from Nov. 4 to Nov. 8, according to Tuesday’s filings with the Securities and Exchange Commission.
He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time. In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday’s filings, likely to fund his share of the Twitter purchase.
Most of Musk’s wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the world’s richest person.
Musk had lined up banks including Morgan Stanley to help finance the Twitter deal. His original share of the deal was about $15.5 billion, Wedbush Analyst Dan Ives estimated . But if equity investors dropped out, Musk would be on the hook to replace them or throw in more of his own money.
Tesla’s shares closed down $5.78, or 2.9%, at $191.30. The stock has lost 52% of its value since the start of this year. In comparison, the S& P 500 index has lost about 20% of its value so far this year.
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Musk Sells $395 Billion Of Tesla Shares After Twitter Takeover
Tesla CEO and Twitter owner Elon Musk during an August event in Stavanger, Norway. Photo: Carina Johansen /NTB/AFP via Getty Images
Elon Musk has sold at least $3.95 billion worth of Tesla shares since completing his $44 billion takeover of Twitter, according to new filings with the Securities and Exchange Commission Tuesday.
Context: Tesla’s stock is down 52% so far this year. The electric vehicle company’s market cap has fallen below $600 billion for the first time since June last year.
- Musk’s own net worth has dropped since he bid for Twitter in April.
The big picture: Musk has said publicly twice this year that he didn’t plan to sell any more Tesla shares.
- The first time was last April when the Tesla CEO sold $8.5 billion of stock after he signed a deal to buy Twitter for $44 million.
- In August, Musk agreed with a Twitter user that he was “done selling” after offloading more than $6.9 billion in Tesla shares after attempting to withdraw from the agreement to buy Twitter ahead of the prospect of a legal battle that ended after he completed the takeover last month.
- “In the event that Twitter forces this deal to close *and* some equity partners donât come through, it is important to avoid an emergency sale of Tesla stock,” Musk tweeted at the time.
Between the lines: Investors are worried that Musk is too distracted by Twitter and is stretching himself and his Tesla team thin.
Editor’s note: This article has been updated with new details throughout.
Is Elon Musk Selling Tesla Stock
Most of Musk’s net worth is tied to Tesla stock, which as noted, has plunged in value this year.
He’s also sold off about $36 billion in Tesla stock over the past year, according to Reuters, including 19.5 million shares valued at just under $4 billion between last Friday and Tuesday U.S. Securities and Exchange Commission filings show.
Tesla investors may fear Musk has become less focused on the automaker as he spends time on the Twitter deal, both Bloomberg and Market Insider reported.
They also may be anticipating him selling more shares to finance that purchase, which could drag down Tesla’s stock price further.
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Elon Musk Sells Another $39 Billion Worth Of Tesla To Throw In Twitter Dumpster Fire
Tesla has disclosed that Elon Musk sold another $3.9 billion worth of Tesla shares, which the CEO is likely using to finance the dumpster fire that is his Twitter acquisition.
After years of promising that he would be the last one to sell Tesla, Musk started to sell billions of dollars worth of Tesla shares over the last year.
We later learned that his change of heart was partly to finance his costly acquisition of Twitter, the social media platform, which ended up costing a whopping $44 billion.
In August, we reported on Musk selling another massive $6.9 billion chunk of his Tesla stake and at the time, the CEO claimed that he was done selling Tesla stocks for the Twitter acquisition.
However, a week after officially acquiring the company and reportedly having some serious revenue issues after advertisers pulled their spending on the platform, we now learn that Musk is again selling Tesla stocks.
In new SEC disclosure tonight, Tesla has disclosed that Musk unloaded almost 20 million shares worth about $3.9 billion on the public market over the last few days.
It started with a massive 9.6 million shares worth about $2 billion on Friday, followed by over 5 million shares worth over $1 billion on Monday, and another 4.4 million shares worth $850 million.
Musks selling pressure on Teslas stock has contributed to the company losing about 30% of its value over this period, which is actually more value than Musks entire $44 billion Twitter acquisition.
Elon Musk Sells Nearly $4 Billion Worth Of Tesla Stock
Nov. 9 — Tesla CEO Elon Musk sold $3.95 billion worth of his company stock this week after finalizing his deal to buy Twitter for $44 billion.
Musk sold 19.5 million shares in the transaction, according to documents filed Tuesday with the U.S. Securities and Exchange Commission, meaning the world’s richest man has offloaded nearly $20 billion so far in 2022.
The latest money moves follow the sale of more than $8 billion in Tesla shares in April and another $6.88 billion stock sale in August as Musk was preparing to go to court in an effort to back out of his deal to buy the social media giant.
But then Musk surprised everyone in early October by submitting a new bid to purchase Twitter for the same price he originally agreed to in April.
The billionaire began steadily selling stock following an April 28 tweet that said “No further TSLA sales planned after today.”
News of Musk’s August stock sale led some of his fans to seek insight, with one tagging the CEO in a Twitter post asking if the billionaire was “done selling,” and Musk responded, “Yes.”
“In the 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 responded.
In 2021, Musk sold nearly $22 billion in Tesla shares as the value of the company rose by 50%.
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Elon Musk Sells Almost $4bn More Of Tesla Shares After Twitter Takeover
The world’s richest man dips into his Tesla shares again to raise cash but is yet to give a reason for doing so just days after firing around half of Twitter’s workforce.
Wednesday 9 November 2022 06:23, UK
Elon Musk has sold Tesla stock worth almost $4bn after completing his takeover of Twitter.
The founder and chief executive of the electric vehicle maker unloaded 19.5 million shares between Friday and Tuesday, according to filings published by the US Securities and Exchange Commission.
The purpose of the sale was not disclosed but leave Musk’s holdings in Tesla at around 14%, according to the Reuters news agency.
The value of Tesla’s stock has plummeted by almost half this year alongside many other so-called growth stocks – seen as susceptible to the tougher global economy but particularly high levels of inflation.
However, Tesla’s value also reflects a series of sales by Musk himself to fund the $44bn acquisition and wider shareholder sentiment that Tesla would lose focus now that the Tesla/Twitter/SpaceX billionaire had further demands on his time.
Analysts had widely expected Musk to sell additional Tesla shares to finance the Twitter deal.
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He had pledged to provide $46.5bn in equity and debt financing for the acquisition, which covered the $44bn price tag and the closing costs.