‘Oh, from there apparently he grabbed the money to buy the social media application.’
After finishing buying social media company Twitter Inc over the course of the day, Elon Musk has now reportedly sold a total of US $ 4 billion worth of Tesla shares to help finance the company’s purchase.
According to U.S. securities filings, Musk has sold 4.4 million shares worth $ 4 billion or the equivalent of a 2.6% stake in electric car company Tesla.
Shortly after the news spread, Musk via his Twitter tweeted that ‘there are no more Tesla shares for sale today’.
Meanwhile, the latest sale by the millionaire was made a few days after he bought Twitter for $ 44 billion in cash, which saw Musk take full control of the social media platform.
In addition, as part of the purchase agreement, Musk vowed to provide an equity commitment of $ 21 billion, though it remains unclear how he will cover the remaining $ 17 billion in equity financing.
It’s worth noting that Musk also holds a 43.61% stake in the $ 100 billion rocket company, SpaceX.
Meanwhile, Musk is rumored to be looking for a partner to reduce the equity contribution of his deal.
For the record, this is the first sale of Tesla shares since the share price dropped to $ 16.4 billion last November, after a Twitter user told him to sell a 10% stake in the company.
On the other hand, some investors are worried about Musk's financial situation in financing the $ 21 billion cash contribution, in addition to estimating that the millionaire may have to sell more Tesla shares.
Even so, the value of Elon Musk's wealth according to Forbes is worth $ 268 billion.
