Elon Musk sold $4 billion worth of Tesla (TSLA) shares, but he says he is done

Trending 3 weeks ago 5

Elon Musk confirmed that helium sold astir $4 cardinal worthy of Tesla (TSLA) shares implicit the past fewer days, which sent the automaker’s banal spiraling down, but present helium says helium is done selling Tesla stocks.

Yesterday, we reported that Tesla’s banal was down 16% since the announcement that Twitter has accepted Musk’s connection to beryllium acquired for astir $44 billion.

We speculated that was either owed to disorder among Tesla investors astir Musk’s program to concern the acquisition by selling much Tesla stocks oregon adjacent Musk already selling stocks, which could beryllium putting unit connected the stock.

Now Musk revealed done SEC filings with Tesla that helium has so been selling shares connected April 26 and 27 for a full of 4.4 cardinal oregon astir $4 cardinal worth.

In a tweet pursuing the disclosure, the CEO said that helium doesn’t program to merchantability much Tesla shares astatine this moment:

No further TSLA income planned aft today.

The merchantability represented astir 3% of Musk’s full Tesla involvement and it is expected to beryllium utilized arsenic portion of the $21 cardinal equity portion of the Twitter acquisition.

So far, the Twitter woody contributed to erasing astir $100 cardinal worthy of marketplace capitalization for Tesla.

Electrek’s Take

This is wherever Musk’s Twitter concern intertwines with Tesla’s. The CEO utilized to accidental that helium volition beryllium “the past 1 to merchantability Tesla shares.”

Now it’s beauteous wide that helium volition beryllium the “last 1 to merchantability Tesla shares unless the acquisition of a ample societal web is involved.” That removes a batch of worth successful the committedness of Tesla’s largest idiosyncratic shareholder not to merchantability shares, which has helped Tesla a batch implicit the years.

In principle, I’m not against Musk buying Twitter, and I bash similar a batch of the changes that helium has talked astir implementing astatine the platform, but astatine this point, it is hard to spot however it aligns with Tesla’s overmuch much important ngo to accelerate the modulation to sustainable vigor and wherefore helium is consenting to negatively impact Tesla’s banal to prosecute that.

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