Elon Musk, the new owner of Twitter and the CEO of both SpaceX and the electric vehicle manufacturer Tesla, informed the company’s staff on Thursday that he recently sold Tesla stock to “rescue Twitter.”
He made the comments at an all-hands gathering that he organised, in part to inspire the hard work of Twitter employees who had survived mass layoffs. Following his purchase of Twitter for $44 billion, or $54.20 per share, Musk laid off over half of its workforce.

As previously reported by CNBC, last week Musk sold at least another $3.95 billion worth of Tesla stock to pay for his portion of the take-private agreement. He just sold 19.5 million more Tesla shares, according to documents filed with the Securities and Exchange Commission and made public on Tuesday.

He also sold Tesla stock earlier this year for nearly $8 billion in April and almost $7 billion in August.
Along with friends, investors, and deputies from other companies that he has co-founded, Musk has invited personnel from Tesla, including dozens of Autopilot engineers, to help with code review and other duties at Twitter.

Mamong other things, usk wants Twitter to be less reliant on advertising and to have half of its revenue come from Twitter Blue subscribers.
Some of Tesla’s most steadfast bulls have been rattled by Musk’s Twitter diversion. For instance, Wedbush Securities withdrew Tesla from its top stock list, according to CNBC Pro. The company has dubbed Musk’s Twitter agreement a “train wreck disaster,” claiming that the well-known CEO has “tarnished” the Tesla tale and put shareholders in a “agonising loop.”