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.
Christine Short, VP of Research at Wall Street Horizon, shares insights on small and big banks earnings, a fresh round of layoffs in the tech world, and what to expect from upcoming rate decisions.
More executives are feeling better about the global economy. But a growing number don’t think their companies will survive the coming decade without a major overhaul because of pressure from climate change and technology like artificial intelligence.
The International Olympic Committee has signed the first beer brand in the 40-year history of a sponsorship program that earns billions of dollars for the organization and international sports.
The latest calculations from several science agencies showing Earth obliterated global heat records last year may seem scary. But scientists worry that what’s behind those numbers could be even worse.
Along with the $122 million from delinquent millionaires in October, nearly half a billion dollars in back taxes from rich tax cheats has been collected.
Greg Moran, CEO of Zoomcar, joined Cheddar to talk about the growth of the car-sharing platform, the company's recent debut on the NASDAQ, and its continued work in emerging markets.
