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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.

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