Business & Economy

Musk sells about $4 billion in Tesla shares after Twitter deal

Washington, Apr 28 (EFE).- Tesla CEO Elon Musk sold about $4 billion worth of shares in the electric vehicle company in the two days after Twitter’s board accepted his purchase offer, documents released Thursday show.

The sales are likely aimed at his planned buyout of the social media platform.

Between Tuesday and Wednesday, the SpaceX CEO offloaded more than 4.4 million shares ranging from $872 to $999 each, according to documents published by the United States Securities and Exchange Commission.

Most of Musk’s sales took place on Tuesday, the same day Tesla shares closed down more than 12 percent.

The South African billionaire tweeted that “no further TSLA sales planned after today” as the figures were released Thursday.

On Monday, Twitter agreed to be acquired by the world’s richest man for $44 billion.

Musk, who already owns a 9.2 percent stake in Twitter, launched the purchase offer on Apr.14 at the eventually accepted rate of $54.20 per share.

The businessman, who has publicly criticized the platform on multiple occasions, has presented himself as a defender of “free speech” with his buyout sparking concerns over a potential rise in hate speech and harassment on Twitter. He has offered very few details about his plans.

The deal still requires shareholder and regulatory approval. EFE


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