fb
ADVERTISEMENT

Elon Musk offloads $4 billion in Tesla shares after Twitter takeover bid

by | Last updated on Apr 29, 2022 at 7:50AM | Published on Apr 29, 2022 | Tech

Elon Musk is pictured speaking.

Elon Musk has offloaded about $4 billion worth of his shares in Tesla after his $44 billion takeover of social media giant Twitter this week.

Filings with the the US Securities and Exchange Commission reveal a number of trades made on Tuesday and Wednesday in which the Tesla and SpaceX billionaire sold 4.4 million shares in the electric car company.

READ MORE: Tesla boss Elon Musk buys Twitter in $44 billion deal

Following the move, Tesla shares dipped from $995.43 at the start of the day on Tuesday to $876.42 at closing, with a total dip of 13.5 percent over the past five days.

After the filings became public on Thursday evening, Musk noted on Twitter that he had “no further TSLA (Tesla) sales planned after today”.

Twitter users were quick to note their unhappiness with the move highlighting a tweet from 2013 when Musk noted that: “Just as my money was the first in [Tesla], it will be the last out.”

Musk nor Tesla has publicly divulged how the proceeds of these share sales are planned to be used, nor whether more shares were sold beyond April 27, with those records not yet public.

The billionaire’s Twitter buyout bid – taking the platform private at $54.20 per share, totalling $44 billion – has been approved by the company, but is pending shareholder and regulatory approvals.

To place the bid, Musk secured $25.5 billion of committed debt. CNBC notes $12.5 billion of that was in loans against his Tesla stock. But he needs to provide $21 billion in equity.

Should Musk fail to secure enough funding to complete the takeover, he will owe $1 billion as a deal termination fee. Alternatively, Twitter would owe him the same amount if it were to accept a competing offer or if shareholder approval did not pass.

WATCH:

FOLLOW US ON
FOLLOW US ON GOOGLE NEWS

Check this out

Introducing Plectrum, a 15,000hp superyacht for the filthy rich

Introducing Plectrum, a 15,000hp superyacht for the filthy rich

This is Plectrum, a superyacht designed by Lazzarini Studio capable of producing a whopping 15,000 horsepower. The Plectrum yacht is technically a hydrofoil, which means it can lift itself from the water as its speed increases. Image courtesy of Lazzarini Design...

Pagani reveals its second-ever $7.6 million Huayra Codalunga

Pagani reveals its second-ever $7.6 million Huayra Codalunga

Pagani has just revealed its second $7.6 million Huayra Codalunga.  It’s one of only five that will ever be made, and it’s one of the most beautiful cars ever created. Pagani READ MORE! This rusted-out 1979 Maserati Merak has just been listed for $16,000 The...

This 1-of-40 Pagani Huayra Roadster has just popped up for sale

This 1-of-40 Pagani Huayra Roadster has just popped up for sale

This is one of just 40 examples of the Pagani Huayra Roadster BC ever built.  And now it’s up for sale in Japan.  This 2021 hypercar has just three miles on its odometer, meaning it’s practically brand new.  duPont Registry duPont Registry READ MORE!...

ADVERTISEMENT

Most Popular This Week

PAID CONTENT