Musk sells $4 billion in Tesla stock, but it’s likely not to fund Twitter purchase

This week Elon Musk’s offer to buy Twitter at $54.20 a share was accepted by the board of the social media platform, translating to a roughly $44 billion deal once finalised.

While the world’s richest man is not short of funds to make said purchase, he has done something rather odd by selling an estimated 4.4 million in Tesla stock recently.

According to TechCrunch, using his power of attorney on Musk’s behalf, Aaron Beckman filed five Form4’s with the US Securities and Exchange Commission (SEC). These filings covered roughly 138 individual transactions, which translates to about $4 billion given the Tesla share price at the time.

When people online began noticing the activity, Musk explained that no further sales of Tesla stock were planned after the ones made this week. Whether that is indeed the case remains to be seen, but a company’s CEO selling a substantial amount of stock will likely raise eyebrows, so Musk is potentially trying to quell any concerns here.

If you are wondering whether this recent sale is in an effort to raise funds for the aforementioned Twitter purchase, the chances of that are slim too, with the figure reported being far less than what would be needed to buy the social media platform.

What Musk actually plans to do with the funds raised at this stage is unclear, but given some of the moves he has been making of late, almost everything he does will come under scrutiny until the ink on the Twitter deal has dried.

Either way, Musk is the only thing that anyone can talk about in the tech word of late, which is probably just the way he likes it.




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