The three transactions involve a total of over 19 million shares, or just over 4% of the total stock owned by Mr. Musk, and 0.6% of the total outstanding shares, according to the forms filed with the American Stock Exchange Broker (SEC).
This is not the first such transaction made by the Tesla boss ahead of his Twitter acquisition since Mr. Musk has already sold $ 15.5 billion in shares.
These sales of securities should allow it to partially finance the acquisition of the microblogging platform, which takes place in cash for 27 billion dollars, while a large part of the balance is financed by loans assisted by Twitter that will ensure the financial burden and repayment.
The three stages of selling impacted the stock price, which rose in three sessions from $ 222.50 per share at Friday’s open to $ 191.30 per share at Tuesday’s close, down by 14. %.
On Twitter, several small Tesla owners were worried about these repeated sales of stocks and their consequences on the share price, but also about the excessive attention given by Elon Musk to Twitter to the detriment of the auto group.
“I continue to work a lot for Tesla! I was in our engineering office in Palo Alto (California, ed.) Until late Thursday night, “Mr. Musk retorted on his Twitter account.
Moss under pressure
The billionaire took control of the social media on October 28, while putting an early end to what looked to be a lengthy legal battle with the group’s board of directors, after announcing he would buy Twitter for $ 44 billion and then sell on.
As soon as the transaction was finalized, Elon Musk fired all managers and 50% of the group’s employees and announced the launch of a completely renewed Twitter Blue subscription offer, which allows for certification and various benefits for $ 8 per month.
The goal is to diversify its revenue while the platform depends 90% on advertising and loses, according to Elon Musk, 4 million dollars a day.
A financial situation that has worsened since its acquisition, after several large advertisers suspended spending on Twitter. Critics have come from all sides after the Twitter takeover, including the United Nations which urged Elon Musk to stand up for human rights on the social network.
