Elon Musk to divest shares

Elon Musk to divest shares

In a move that surprised the market, Tesla (NASDAQ:TSLA) CEO Elon Musk has sold another $3.95 billion of the electric vehicle maker’s stock. This sale comes just days after a tumultuous week for Twitter, which Musk acquired on October 27, 2023. The sale was disclosed in regulatory filings published on Thursday.

The filings revealed that Musk sold about 19.5 million shares between Monday and Wednesday. This latest round of sales brings the total amount of Tesla stock sold by Musk this year to roughly $23 billion.

Musk’s decision to sell Tesla shares follows his recent acquisition of Twitter for $44 billion, a deal that has drawn intense scrutiny and speculation about how he would finance the purchase. Prior to this transaction, he had already sold a significant portion of his Tesla stake earlier in the year.

Tesla’s share price has been under pressure since the Twitter deal closed, with investors concerned about Musk’s focus on the social media company and the potential for further sales of Tesla stock to fund his new acquisition. Following the news of the latest share sale, Tesla’s stock price dropped in pre-market trading on Friday.

The market is closely watching Musk’s moves as he juggles responsibilities at Tesla, SpaceX, and now Twitter. The impact of his actions on Tesla’s stock is of particular interest to investors who are gauging the stability and future prospects of the electric vehicle giant amidst these developments.

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