In the three days after Elon Musk engineered a deal to buy Twitter, he sold roughly $8.5 billion worth of shares in Tesla to help fund the purchase
Musk reported the sale of 9.6 million shares in filings with the Securities and Exchange Commission on Thursday and Friday. The trades were made at prices ranging from $822.68 to $999.13.
On Friday, shares of Tesla Inc. were going for around $904.50.
The world’s richest man, who is the CEO of Tesla, tweeted Thursday night that he doesn't plan any further sales of the company's shares.
Twitter announced Monday that it had agreed to be purchased by Musk for $54.20 a share, or about $44 billion. Analysts said the deal could make Tesla investors nervous that Musk will be distracted by Twitter and less engaged in running the electric car company — and have to sell a large number of Tesla shares to finance the acquisition. Musk is Tesla's largest shareholder.
On Tuesday, Tesla shares closed down 12%, the biggest single-day drop since Sept. 8, 2020. The shares are up more than 3% Friday but still down 10% for the week.
Twitter shares rose to $49.72, up 1.2% but still well below the deal price.
Before Musk's deal for Twitter is completed, shareholders will have to weigh in. So will regulators in the U.S. and in countries where Twitter does business.
So far though, few hurdles are expected, despite objections from some of Twitter’s own employees and from users who worry about Musk’s stance on free speech and what it might mean for harassment and hate speech on the platform.
Updated on April 29, 2022, at 12:17 p.m. ET, with additional sales registered with SEC.
Surprise, surprise: tech is still the sector to watch, according to Karyn Cavanaugh, Chief Investment Officer at Carolinas Wealth Management. Learn how to properly diversify your portfolio.
Facebook and Instagram users will start seeing labels on AI-generated images in their feeds. Hopefully this will save time for everyone zooming in each picture to see how many fingers someone's hand has.
Seth Schachner, Managing Director at StratAmericas, weighs in on Spotify earnings and why that headline-grabbing deal with Joe Rogan could be worth that $250 million.
Mitch Roschelle, Managing Director at Madison Ventures, shares why investors may be waiting longer than expected for those interest rate cuts, and why he’s watching tech, oil, and homebuilder stocks.
Amazon saw 24% growth in their Thursday Night Football audience in 2023. Subscribers will be rewarded with even more sports, but not without enduring more ads — unless they pay extra, of course.
Low unemployment + 350 thousand new jobs in January = ...more layoffs? A bunch of tech and retail companies have laid and are laying off employees after a nationwide hiring surge during the pandemic.
The most magical place on Earth wants a protective order to keep Gov. Ron DeSantis' appointees from knowing how the magic happens. A federal judge dismissed a separate Disney lawsuit last week.
