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Elon Musk Sells Extra Tesla Inventory—Bringing Complete Gross sales To Extra Than $8 Billion This Week


Topline

As he appears to be like to finance his large acquisition of social media firm Twitter, Elon Musk offered one other 5.2 million shares of Tesla for roughly $4.5 billion, bringing his complete share gross sales this week to just about 10 million, based on new filings with the Securities and Trade Fee launched on Friday.

Key Details

Musk offered 5.2 million shares of Tesla inventory on Thursday, at costs ranging between about $823 and $903 per share, based on new regulatory filings.

Tesla’s billionaire CEO walked away with $4.5 billion in proceeds from the latest share sale, which is able to quantity to roughly $3.5 billion after taxes.

The newest batch of promoting comes proper after Musk offloaded 4.4 million Tesla shares on Tuesday and Wednesday, for about $4 billion, based on filings.

Tesla’s billionaire CEO has now offered roughly 9.6 million shares of his electrical car this week alone, for pretax proceeds of round $8.5 billion, days after he agreed to purchase social media platform Twitter.

Musk is trying to rustle up funds for his deliberate acquisition of Twitter, after the corporate’s board of administrators accredited his $44 billion takeover bid on Monday.

Musk, who’s the world’s richest particular person, nonetheless owns 163 million shares of Tesla, shares of which jumped almost 5% on the information Friday.

Essential Quote

Musk tweeted on Thursday night: “No additional TSLA gross sales deliberate after at present.”

Massive Quantity: $260.5 Billion

That’s how a lot Musk is value after the most recent share gross sales, Forbes calculates. The vast majority of his fortune comes from his stakes in Tesla and rocket maker SpaceX.

Stunning Truth:

Musk now has $8.2 billion of money, up from $1.7 billion earlier than the batch of Tesla inventory gross sales this week (after accounting for taxes), based on Forbes’ estimates. That quantities to nearly half of the $21 billion in fairness commitments he pledged as a part of the deal to purchase Twitter.

Additional Studying:

Elon Musk Sells About $4 Billion In Tesla Shares Forward Of Deliberate Twitter Buy (Forbes)

Twitter Accepts Elon Musk’s $44 Billion Deal (Forbes)



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