Why does the world's richest person need more cash?
This is far higher than the 19 percent drop that the S&P 500 Index has witnessed this year and even worse than the 32 percent drop seen by the Nasdaq 100 Index, which hosts a lot of technology stocks.Earlier this year, Interesting Engineering reported that Elon Musk was looking at his Tesla stock price as a way to finance his Twitter interest.
However, as regulatory filings on Tuesday revealed, Musk sold 19.8 million shares this month at a rate that would fetch him nearly $4 billion in cash. The move comes shortly after Musk completed his Twitter acquisition, and reports have emerged that the social media company'sMusk, who has brought in a flurry of changes at Twitter, is looking for means to bring in more revenues and may have to finance the functioning of the company, which makes an average of $700 million a year.
Sales in the region missed analyst estimates, and Musk acknowledged the issues in the market in a call with analysts,said in its report. Tesla stock price has now dwindled to $186.75 as of Tuesday and, amidst fears of a recession, could also dip further. Musk-led Tesla, however, plans to keep up the pace of production of its EVs in spite of the slowdown concerns.
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