Following the recent battle Elon Musk had with Twitter, he has now sold $6.9 billion (roughly Rs. 54,880 crores) of shares.
Elon Musk says he needs the money in case he has to buy Twitter for $44 billion. A multi-billionaire is embroiled in a legal battle against social media platforms.
According to six filings with the US Securities and Exchange Commission, all of his Tesla transactions occurred on August 5, 8, and 9.
Elon Musk expressed that this kind of big sale is a backup. In case he has to escape his deals with social media giants like Twitter.
This large sale brings the total value of Tesla shares sold in the last ten months to $32 billion (roughly Rs. 2,54,530 crore). He did all of it just months after saying he didn’t plan to sell any more stock in the pioneering electric-car maker.
Tesla shares have risen about 35% since May but are still down about 20% this year. Elon Musk, is the world’s richest person, according to the Bloomberg Billionaires Index.
Musk’s net worth has fallen by $20 billion this year as Tesla shares declined. The purpose of the kind of sale wasn’t immediately clear.
All of this happened right after Musk created a Twitter poll. In which millions of people voted, asking if he should sell 10% of his stake in the electric carmaker.
In the poll, around 58% of the 3.5 million votes were in favor of proceeding with this sale.
He announced before that he had secured $7.1 billion (roughly Rs. 56,470 crores) of equity from investors including billionaire Larry Ellison, Sequoia Capital, and Binance.
I’ll put the odds at 75 percent that he’s buying Twitter. “I’m shocked,” said Gene Munster, a former analyst who is the managing partner at venture-capital firm Loup Ventures.
“This is going to be a headwind for Tesla in the near term.” In the long term, deliveries and gross margin are the only things that matter for Tesla right now.
