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.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Scott Trench, host of the BiggerPockets Money Podcast, explores how recent rate cuts, high borrowing costs, and mortgage rates are reshaping U.S. real estate.
A look into how disruption, AI, and global economic trends are transforming the modern supply chain with Jeremy Jansen, Head of Supply Chain at Wells Fargo.
Delta CSO Amelia DeLuca reveals at the Fast Co. Innovation Festival how tech, sustainable aviation fuel, and smart operations are revolutionizing air travel.
Chipmaker Nvidia will invest $100 billion in OpenAI as part of a partnership that will add at least 10 gigawatts of Nvidia AI data centers to ramp up the computing power for the owner of the artificial intelligence chatbot ChatGPT.
Two of the nation’s biggest real estate services companies are combining in a deal that will bring Century 21, Compass and several other major brokerage brands under the same umbrella.
Colin & Samir break down YouTube’s $100B payout to creators and explore why nearly a third of Gen Alpha want to be YouTubers — plus what that means for you.
