• Mon. Dec 5th, 2022

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Elon Musk sells $4 bilion worth of Tesla shares after Twitter takeover as his net worth plummets to $200 billion

Nov 9, 2022

Tesla Inc. Chief Executive Officer (CEO) Elon Musk has reportedly sold about 19.5 million shares of the company ever since he reached a deal to buy Twitter for $44 billion

 

According to The Verge, these shares are close to worth $4 billion as per the forms filed with the Securities and Exchange Commission. 

 

The report adds that Musk has offloaded almost $20 billion in the electric vehicle maker this year. All this offloading has been reportedly done to mostly finance the Twitter deal which was worth $44 billion. 

 

In April and August, Elon Musk has sold a combined $15.4 billion worth of Tesla shares, with $8.4 billion in April and around $6.9 billion in August. However, after these sales, he said that there were no more sales planned. 

 

With regards to these sales, Musk also tweeted, “No further TSLA sales planned after today.”

 

His takeover of Twitter has also invited drastic measures like the sacking of almost 50 per cent of Twitter’s workforce, a verification fee. 

 

According to a Reuters report, Musk’s net worth also dropped below $200 billion on Tuesday as investors dumped Tesla’s shares on fears of the Chief Twit being more preoccupied with Twitter. The report reads, “Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and faces rising competition.”

 

Musk now has a net worth of $197.4 billion, according to Forbes, with a big share of that coming from his nearly 15 percent stake in Tesla, which has a market value of $622billion.