ADVERTISEMENT
ADVERTISEMENT

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

by | Apr 29, 2022 - 7:43AM | 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

Inside Justin and Hailey Bieber’s insane Rolls-Royce concept

Inside Justin and Hailey Bieber’s insane Rolls-Royce concept

Justin and Hailey Bieber's combined net worth is more than $300 million and that means they can afford just about anything they want. And you can't certainly call their taste 'boring'. This, for example, is an insane Rolls-Royce concept that West Coast Customs made...

Inside Rihanna’s crazy watch collection

Inside Rihanna’s crazy watch collection

The halftime show at the Super Bowl is a big deal and everyone wants to be a part of it - from major global brands to big-name music artists. Robyn Rihanna Fenty, aka Rihanna, has confirmed she will headline the halftime show at the upcoming Super Bowl LVII after a...

Sneak peek at the highly-anticipated world-first Apple car

Sneak peek at the highly-anticipated world-first Apple car

The highly-anticipated Apple car is set to be revealed in 2025, and Apple is keeping very tight-lipped about it.  Known internally as Project Titan, the car still doesn’t have an official name or look.  But with the help of technology, Supercar Blondie is...

ADVERTISEMENT

Most Popular This Week

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!