Elon Musk Sells More Tesla Inventory—Bringing Total Sales To More Than $8 Billion This Week
As he appears to be like to finance his huge acquisition of social media firm Twitter, Elon Musk sold any other 5.2 million shares of Tesla for roughly $4.5 billion, bringing his total share gross sales this week to almost 10 million, per original filings with the Securities and Alternate Fee released on Friday.
Musk sold 5.2 million shares of Tesla stock on Thursday, at costs ranging between about $823 and $903 per share, per original regulatory filings.
Tesla’s billionaire CEO walked away with $4.5 billion in proceeds from the most modern share sale, which is difficult to quantity to roughly $3.5 billion after taxes.
The most modern batch of selling comes honest after Musk offloaded 4.4 million Tesla shares on Tuesday and Wednesday, for about $4 billion, per filings.
Tesla’s billionaire CEO has now sold roughly 9.6 million shares of his electrical vehicle this week alone, for pretax proceeds of around $8.5 billion, days after he agreed to capture social media platform Twitter.
Musk is having a glimpse to rustle up funds for his planned acquisition of Twitter, after the firm’s board of directors authorized his $44 billion takeover repeat on Monday.
Musk, who’s the sphere’s richest particular person, serene owns 163 million shares of Tesla, shares of which jumped almost 5% on the news Friday.
Musk tweeted on Thursday night: “No additional TSLA gross sales planned after as we say time.”
Gargantuan Quantity: $260.5 Billion
That’s how mighty Musk is value after the most modern share gross sales, Forbes calculates. The bulk of his fortune comes from his stakes in Tesla and rocket maker SpaceX.
Musk now has $8.2 billion of cash, up from $1.7 billion before the batch of Tesla stock gross sales this week (after accounting for taxes), per Forbes’ estimates. That quantities to almost half of the $21 billion in equity commitments he pledged as share of the deal to capture Twitter.
Elon Musk Sells About $4 Billion In Tesla Shares Ahead Of Deliberate Twitter Pick (Forbes)