Elon Musk sells $3.85 billion in Tesla stock (approximately Rs. 29,625 crore) in Tesla stock this week, but it remained unclear how the money was spent.
According to a filing issued Wednesday night by the US Securities and Exchange Commission, Tesla CEO Elon Musk, who is also the new owner of Twitter, sold the shares between Monday to Wednesday.
Since April, Musk has sold about $23 billion (roughly Rs. 1,90,600 crore) in Tesla stock, with a large portion of the proceeds presumably going to support his $44 billion (roughly Rs. 3,49,060 crore) acquisition of Twitter.
The deal comes as shares of the electric vehicle and solar panel manufacturer have plummeted, dropping more than half their value since Musk revealed in April that he was purchasing Twitter stock.
According to Forbes, Musk’s net worth has dropped to $174 billion (about Rs. 1,44,000 crore) as a result of the drop in his stock price. Bernard Arnault, the French fashion and cosmetics magnate, surpassed him last week.
The takeover of Twitter has not gone well, and some major corporations have suspended their advertising on social media platforms. Musk stated that the loss of advertisers resulted in “a massive drop in revenue” for Twitter.
Tesla stock has recently suffered as Musk has spent much of his time operating Twitter, creating concerns that he has been distracted from the vehicle industry.
According to the report, Musk is now viewed as a villain by Tesla investors. He claims Tesla’s fundamentals are still strong, but his behaviour on Twitter is harming the company’s brand. “The Twitter overhang is a disaster that is only Musk’s fault,” Ives stated in an email.
Tesla was contacted Wednesday night for comment on the stock sale.
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