© Reuters Musk sells 5.4 trillion Tesla stock after Twitter acquisition
Tesla (NASDAQ 🙂 CEO Elon Musk has been confirmed to have sold $ 3.95 billion (about 5.4 trillion won) of Tesla stock after taking over Twitter.
According to foreign media such as the Wall Street Journal (WSJ) on the 8th (local time), Musk reported in a report filed with the Securities and Exchange Commission (SEC) that he had sold 19.5 million Tesla shares between the 4th and the ‘8. Musk acquired Twitter late last month and took over as CEO.
Musk sold about $ 22 billion worth of Tesla stock last year, when Tesla stock was up more than 50%. This year it sold Tesla shares worth about $ 8 billion (about 10.9 trillion won) in April and about $ 7 billion (about 9.5 trillion won) in August.
Musk has since stated that he has no plans to sell any more Tesla stock.
Markets believe Musk sold Tesla stock to raise funds for Twitter management and acquisitions. Twitter is facing a situation where it takes $ 13 billion in debt during the Musk acquisition and has to pay more than $ 1 billion in interest a year.
As Musk sells stock, Tesla stock has been on a bearish curve every day. Tesla shares have dropped around 46% so far this year. On the New York Stock Exchange on the 8th, Tesla was down $ 5.78 (2.93%) from the previous trading day to $ 191.30. On the previous trading day, Tesla dipped below $ 200 for the first time in 17 months.
The sale of the stock reduced Musk’s stake in Tesla to 14%.
