Elon Musk sells 19.5 million Tesla shares worth $3.9 billion

midian182

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What just happened? Elon Musk has once again sold millions of his Tesla shares, months after claiming he was done selling. A US Securities and Exchange Commission shows he offloaded 19.5 million shares in the EV giant, worth around $3.9 billion.

In April, Musk sold $8.4 billion worth of Tesla shares to raise funds for his $44 billion takeover of Twitter. The billionaire said at the time that he didn't plan to sell any more, but that changed in August when Musk offloaded another 7.92 million shares worth about $6.9 billion.

The second sale came while Musk was embroiled in a legal battle with Twitter following his withdrawal from the acquisition. He said that in the event Twitter won the case and forced the takeover to complete, and some equity partners didn't come through, it was important to avoid the emergency sale of Tesla stock. Once again, Musk said at the time that he was done selling.

But the world's richest man has just sold 19.5 million more shares, meaning he's raised almost $20 billion this year from their sale and dropped the total number of Tesla shares he owns to around 135 million.

Tesla's share price is down from just under $400 at the start of 2022 to $191 at the time of writing, its lowest point of the year so far. Musk has seen his total net worth fall $90 billion over the last 12 months, but he remains at the top of Bloomberg's rich list with a personal fortune of $179 billion.

So, why has Musk made another sale after saying he was done selling? It's likely that the money will go toward Twitter. The platform makes most of its income from advertisers, many of whom have been walking away since Musk's acquisition over fears that his calls to reduce moderation will lead to the site becoming even more toxic—though Musk is clamping down on impersonators.

Twitter's new owner is trying to improve its financial situation by upping the price of Twitter Blue to $8 per month and tying the service to verifications (after the midterms). He's also drastically reducing the employee headcount and even discussed putting all of Twitter behind a paywall.

As noted by The Verge, Twitter must pay $1 billion per year in interest on the loans Musk took out to buy the company. One way to ensure this happens is for Musk to pay the money himself, which he's raising by selling Tesla shares. Don't be surprised if he ends up selling more of them a few months down the line.

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Why doesn't Tesla make some of these (very simple but in high demand) smart parking systems? They will make a TON of money.

And for extra efficiency since the electric motor is not used most of the time, it can with a gear transmission system be placed in the center with four stacks around it at an angle of ninety degrees each.

 
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I hope he has to sell a lot more Tesla stock to fund his stupid ideas, and I mean a LOT more. The value of Tesla stock needs to come down to earth as it is over valued beyond belief. Not too long ago Tesla's market cap was above $800 billion (currently around $580 billion) which is more than Toyota, Volkswagen, Chrysler, BMW, GM and Ford combined. Tesla should be valued at $30-40 billion at best not $500+ billion.
 
Consider me not happy that I now have to ride my tesla shares for the long haul after Musk tanked the stock. I should have dumped it in September when I could.
 
Consider me not happy that I now have to ride my tesla shares for the long haul after Musk tanked the stock. I should have dumped it in September when I could.
Yeah, good luck with that. Don't expect Tesla stock to head in any direction except down for the foreseeable future. Musk will have to keep selling Tesla stock for years to fund his stupid Twitter adventure.
 
This sale alone will probably cost him $2B in taxes. He's sold ~$20B in stock this year, and last year he paid $11B in taxes for doing the same. So I'm not sure you can consider the government to be subsidizing him anymore. It's the other way around.
Everybody pays taxes, wtf has to do with subsidizing? He got billions from the government for free and he still does. Oh, yeah, but US citizens also got a pandemic check of about 1000 bucks. That`s fair, sry!
 
This sale alone will probably cost him $2B in taxes. He's sold ~$20B in stock this year, and last year he paid $11B in taxes for doing the same. So I'm not sure you can consider the government to be subsidizing him anymore. It's the other way around.
I'm not so sure about that. SpaceX has royalty-free access to all NASA patents.
Yeah, good luck with that. Don't expect Tesla stock to head in any direction except down for the foreseeable future. Musk will have to keep selling Tesla stock for years to fund his stupid Twitter adventure.
Especially with the competition finally getting into the EV market in a big way.
 
Glad you brought up bots. Now that Musk completely owns Twitter why doesn't he release number of bots there are? Seems like bots are no longer a concern of his.
Musk was only using the bot's excuse for a better price. Now he actually needs those bots to bolster his tweets. Because sane people think he's a dope.
 
"More toxic" -expected more from you guys. Did not know you where okay with the leftist nest that is twitter "moderating" content, which really was banning anything contrary to leftist ideas.
 
I knew that this clown buying Twitter would cost him dearly. He will regret that decision very soon if he hasn't already.
Those Saudi princes are gonna be disappointed...

 
Those Saudi princes are gonna be disappointed...

Yoel Roth and Robin Wheeler were about to get fired. No loss. btw Roth is the guy who banned Trump and Wheeler is the main one who pushed the WHO covid lie.

 
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