Elon Musk has sold at least an additional $3.95 billion worth of shares in his electric vehicle business Tesla since the conclusion of his $44 billion acquisition of Twitter.
According to paperwork submitted to the Securities and Exchange Commission and made available to the public on Tuesday, Musk reportedly sold 19.5 million additional Tesla shares.
Musk sold Tesla stock in 2021, a year in which the stock saw a gain of over 50%, for an estimated $22 billion. In April and August of this year, he sold shares for roughly $7 billion and $8 billion, respectively.
In order to finance the transaction or transfer their existing shares into his holding company for Twitter, the Tesla CEO resorted to partners, including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, former Twitter CEO Jack Dorsey, and Saudi Arabian Prince Alwaleed bin Talal bin Abdulaziz. Additionally, he used billions of his own funds to take Twitter private.
Following Musk’s takeover of Twitter, Sen. Chris Murphy (D-Conn) has called for an investigation into the Saudi Arabian company’s stake’s potential impact on national security, as previously reported by NBC News.
Musk informed his followers on August 9 that he has stopped selling Tesla stock in order to raise money for a potential Twitter acquisition. In a tweet, he stated, “It is critical to avoid an emergency sale of Tesla stock in the (hopefully improbable) case that Twitter forces this deal to close and some equity partners don’t come through.”
The acquisition, which Musk offered and accepted in April, was still being contested in court by the social media business at the time.
Musk has summoned dozens of Tesla engineers to Twitter to help him with code reviews and other tasks since finalising the deal.
Musk’s fortune has been completely destroyed as a result of Tesla shares losing 46% of their value compared to the Nasdaq Composite, which has fallen by about 33% year to date. He still holds the title of richest man in the world, according to Forbes, with a net worth of about $200 billion.
At a conference last week, Musk said that his “workload increased from roughly, I don’t know, 78 hours a week to probably 120.”
Musk, who is also the CEO of SpaceX, claimed on stage that managing Twitter will be far simpler than running his other businesses if it was “put on the proper course.” Although Musk hasn’t named the new CEO of Twitter, he has hinted that his position as the company’s only director and “Chief Twit” is only temporary.