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And More November 8, 2022 2 mins read

Elon Musk Has Sold Another $3.95 Billion Worth of Tesla Shares To Complete Twitter Deal

And More ı By Rochdi Rais

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Elon Musk Twitter Digital Art

Elon Musk has sold at least another $3.95 billion worth of shares in his electric car company Tesla after closing his $44 billion acquisition of Twitter.

According to filings with the Securities and Exchange Commission published Tuesday, Musk sold 19.5 million more shares of Tesla.

The richest man in the world sold almost $22 billion worth of Tesla shares in 2021, a year when the stock skyrocketed over 50%. This year, he sold over $8 billion worth of stock in April and roughly $7 billion worth in August.

In addition to investing billions of his own capital into taking Twitter private, the Tesla CEO relied on partners, including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, Twitter’s former CEO Jack Dorsey and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia, to finance the deal, or to roll their existing shares into his holding company for Twitter.

As NBC News previously reported, Sen. Chris Murphy (D-Conn) has called for an investigation into the national security implications of Saudi Arabia’s stake in Twitter following Musk’s take-private deal.

On Aug. 9, Musk told fans he was done selling Tesla shares to fund a possible Twitter acquisition. He wrote, in a tweet, “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”

Compared to the Nasdaq Composite which has slumped about 33% year to date, Tesla shares plummeted 46%, wiping out a big amount of Musk’s fortune. Nonetheless, the 51-years old mega-billionaire is still the world’s wealthiest person with a net worth of close to $200 billion, according to Forbes.

At a conference last week, Musk told hedge fund manager Ron Baron that his “workload went up from about, I don’t know, 78 hours a week to probably 120.”

 

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Rochdi Rais

Rochdi Rais is the Head of Growth and financial and legal writer at USA Herald. He has been writing and editing financial, legal and U.S. news for years with over +4000 articles published during his career.

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