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Musk sells $8.5B in Tesla inventory as he readies to purchase Twitter


Within the three days after Elon Musk engineered a deal to purchase Twitter, he bought roughly $8.5 billion price of shares in Tesla to assist fund the acquisition

Musk reported the sale of 9.6 million shares in filings with the Securities and Alternate Fee on Thursday and Friday. The trades had been made at costs starting from $822.68 to $999.13.

On Friday, shares of Tesla Inc. had been going for round $904.50.

The world’s richest man, who’s the CEO of Tesla, tweeted Thursday evening that he doesn’t plan any additional gross sales of the corporate’s shares.

Twitter introduced Monday that it had agreed to be bought by Musk for $54.20 a share, or about $44 billion. Analysts mentioned the deal may make Tesla buyers nervous that Musk will probably be distracted by Twitter and fewer engaged in working the electrical automobile firm — and should promote numerous Tesla shares to finance the acquisition. Musk is Tesla’s largest shareholder.

On Tuesday, Tesla shares closed down 12%, the most important single-day drop since Sept. 8, 2020. The shares are up greater than 3% Friday however nonetheless down 10% for the week.

Twitter shares rose to $49.72, up 1.2% however nonetheless properly beneath the deal value.

Earlier than Musk’s deal for Twitter is accomplished, shareholders should weigh in. So will regulators within the U.S. and in nations the place Twitter does enterprise.

To this point although, few hurdles are anticipated, regardless of objections from a few of Twitter’s personal staff and from customers who fear about Musk’s stance on free speech and what it would imply for harassment and hate speech on the platform.

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