Tesla CEO Elon Musk sold nearly 22 million of the electric vehicle company's shares worth almost $3.6 billion from December 12-14, the second large stake sale since the billionaire's acquisition of Twitter in October, according to the data provided by the US Securities and Exchange Commission on Thursday.
MOSCOW (Pakistan Point News / Sputnik - 15th December, 2022) Tesla CEO Elon Musk sold nearly 22 million of the electric vehicle company's shares worth almost $3.6 billion from December 12-14, the second large stake sale since the billionaire's acquisition of Twitter in October, according to the data provided by the US Securities and Exchange Commission on Thursday.
The document said that Musk now owns more than 423.6 million of Tesla stakes, which amounts to 13.4% of the company's shares.
Tesla's stakes have depreciated during the last three trade sessions from December 12-14, losing 12.4% of their value, with the price of one share dropping from $179.05 to $156.8 at the close of trading before the decline, the document added.
In November, Musk sold $3.95 billion worth of Tesla stock, totaling 19.5 million shares.
The billionaire himself has recently added fuel to the fire, saying that he did not consider it appropriate in the current macroeconomic conditions to take a new loan secured by Tesla shares to reduce Twitter's debt burden, according to media reports. Musk is presumably using the money from the sale of Tesla shares to pay off Twitter's debts, which reportedly amount to $13 billion.
Musk reached an agreement with Twitter on the acquisition of the social network for $54.20 per share in a transaction valued at approximately $44 billion in late April. The entrepreneur later said that he would like to revolutionize Twitter's role in public debate.
