Here is the biggest news for you, an electric vehicle manufacturing company Tesla stock has lost 52% of its value since the beginning of the year. As per the official records, Tesla CEO Elon Musk has sold nearly $4 billion worth of shares of his electric vehicle company (Tesla) after completing his acquisition of the social media company Twitter. The $44 billion acquisition of Twitter was the most significant financial deal of his career.
How Many Tesla shares Did Musk Sell?
As per the Securities and Exchange Commission published filing, Musk sold another 19.5 million shares of Tesla. Musk sold about $22 billion in Tesla shares worth in 2021. The Tesla CEO sold Tesla stock for more than $8 billion in April of this year and an additional $7 billion in August, bringing the total shares sold with the latest sale to nearly $19.3 billion. As per the report, the Tesla CEO did not mention the purpose of the latest sales, but it seems as part of an effort to finance a multibillion-dollar takeover.
According to analysts, Musk’s most recent stock sale was widely anticipated. Musk has previously declared that after the completion of stock sales in April and August, there wouldn’t be any additional share sales.
Tesla Market Value:
The 46 percent drop in Tesla stock this year has significantly reduced Musk’s wealth. Tesla has lost nearly half of its market value and Musk’s net worth has fallen by $70 billion since he tried to buy Twitter. For the acquisition, Musk committed $46.5 billion in cash and debt finance, including $44 billion for the purchase price and closing costs. Morgan Stanley and Bank of America Corp. is one of the banks that contributed $13 billion in loan financing. However, according to Forbes, with a net worth of around $200 billion, he is still the richest man in the world.
