Elon Musk Sold Over $8 Billion Worth Of Tesla Stock, Likely To Fund Twitter Takeover | Carscoops carscoops ⚠️
The world’s richest man is selling billions of dollars worth of stock in the electric car company he created and runs, in preparation to buy social media company, Twitter.
According to filings with the Securities and Exchange Commission, Elon Musk offloaded a total of 4.4 million Tesla shares on April 26th and 27th, worth an estimated $4 billion, which was followed by an additional 5.2 million shares on Thursday, bringing the total to around $8.5 billion., an announcement that caused Tesla to drop in value by $275 billion earlier in the month. The shares rose back up by 3.2 percent when the markets opened on April 29th.
According to reports, Musk made an arrangement with Morgan Stanley and several other lenders for $25.5 billion of debt and margin-loan financing.
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