Musk sells $4 billion in Tesla stock, probably to help buy Twitter

Trending 3 weeks ago 40

Elon Musk secures woody to bargain Twitter

Elon Musk reaches woody to bargain Twitter for $44 billion 00:42

Detroit — Elon Musk has sold 4.4 cardinal shares of Tesla banal worthy astir $4 billion, astir apt to assistance money his acquisition of Twitter.

Musk reported the merchantability successful a filing with the Securities and Exchange Commission connected Thursday. The shares were sold implicit the past fewer days, astatine prices ranging from $872.02 to $999.13.

The world's richest man, who is the CEO of Tesla, tweeted that helium doesn't program immoderate further income of the company's shares. He inactive owns conscionable implicit 168 cardinal shares successful the electrical carmaker, via a trust, Agence France-Presse points out.

Most of the income took spot connected Tuesday, erstwhile Tesla shares closed down 12%, a immense single-day drop.

Analysts said Tesla investors fearfulness Musk volition beryllium distracted by Twitter and little engaged successful moving the electrical car company. Twitter agreed to beryllium acquired by Musk connected Monday for $44 billion.

cbsn-fusion-elon-musk-accused-of-market-manipulation-over-twitter-stake-thumbnail-960651-640x360.jpg Tesla CEO Elon Musk

It appeared that Musk would get up to $25.5 cardinal from a slew of banks to wage for the takeover of Twitter, but the banal merchantability perchance could money immoderate of that.

The woody to bargain Twitter astatine $54.20 per stock was announced earlier this week and is expected to adjacent sometime this year.

Twitter's banal closed astatine $49.11 connected Wall Street Thursday, AFP notes, adding that, "The marketplace often interprets the quality betwixt the connection terms and the worth of a banal arsenic the hazard premium, the measurement of hazard represented by the acquisition."

Before the woody is completed, shareholders volition person to measurement in. So volition regulators successful the U.S. and successful countries wherever Twitter does business.

So acold though, fewer hurdles are expected, contempt objections from immoderate of Twitter's ain employees and from users who interest astir Musk's stance connected escaped code and what it mightiness mean for harassment and hatred code connected the platform.

Tesla shares closed Thursday down somewhat astatine $877.51. They are down 17% truthful acold this year.

In: Tesla Elon Musk Twitter

Thanks for speechmaking CBS NEWS.

Create your escaped relationship oregon log successful
for much features.

Please participate email code to continue

Please participate valid email code to continue