Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

29 Apr 2022

Elon Musk Sells $44 Billion Worth of Tesla Shares, Assures No More Sales Scheduled

The Index Today

On Thursday, U.S. securities filings revealed that Elon Musk sold $4 billion worth of his shares in Tesla Inc., in a move that is possibly aimed at helping him fund his purchase of Twitter Inc.

As per Reuters, the Tesla CEO sold 4.4 million shares on Tuesday and Thursday, accounting for 2.6% of his stake in the EV maker company, following which he tweeted that there are "no further TSLA sales planned after today."

Twitter Inc. on Monday announced that they had accepted Elon Musk’s $44 billion acquisition deal, as part of which he has consented to offer a $21 billion equity commitment, reported Reuters. This is Musk’s first Tesla stock sale since November and December when he had polled Twitter users asking if he should sell 10% of his shares in the company.

This comes after Tesla’s shares plunged by nearly 20% after its CEO unveiled a 9% stake in Twitter, which made Musk the social media giant’s largest shareholder prior to his recent takeover of the company, reported Reuters.

Clay pottery with table linens