An image of new Twitter owner Elon Musk is seen surrounded by Twitter logos in this photo illustration in Warsaw, Poland, November 08, 2022.
STR | Nurphoto | Getty Images
Elon Musk has sold at least another $3.95 billion value of shares in his electric car company You’re here after closing its $44 billion acquisition of Twitter.
According to Securities and Exchange Commission filings released Tuesday, Musk sold an additional 19.5 million shares of Tesla.
Musk sold nearly $22 billion worth of Tesla stock in 2021, a year the stock jumped more than 50%. This year, it has sold more than $8 billion in shares in April and about $7 billion in August.
In addition to investing billions of his own capital in the privatization of Twitter, the Tesla CEO has relied on partners including stock investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, the former CEO of Twitter Jack Dorsey and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia, to fund the deal, or transfer their existing shares in his holding company for Twitter.
As NBC News previously reported, Sen. Chris Murphy (D-Conn) has called for an investigation into the national security implications of Saudi Arabia’s stake in Twitter following Musk’s privatization deal.
On August 9, Musk told fans that he had finished selling Tesla stock to fund a potential Twitter acquisition. He wrote, in a tweet, “In the (hopefully unlikely) event that Twitter forces this deal to happen *and* certain financial partners don’t show up, it’s important to avoid a fire sale of the Tesla shares.”
At the time, Musk was still battling the social media company in court in an attempt to get out of the deal – which he proposed and agreed to in April.
Since closing the purchase, Musk has drawn dozens of Tesla engineers on Twitter to help with code reviews and other work.
Compared to the Nasdaq Composite which is down about 33% year-to-date, Tesla shares are down 46%, wiping out much of Musk’s fortune. However, he is still the richest person in the world with a net worth of nearly $200 billion, according to Forbes.
At a conference last week, Musk told hedge fund manager Ron Baron that his “workload has gone from about, I don’t know, 78 hours a week to probably 120.”
Musk, who is also CEO of SpaceX, said on stage that “once Twitter is on the right track, I think it’s a much easier thing to manage” than his other companies. Musk didn’t say who Twitter’s new CEO will be, but he hinted that his role as “Chief Twit” and sole administrator of the company is only temporary.
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