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Musk sells Tesla stock for $ 8 billion

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Musk sells Tesla stock for $ 8 billion

The Tesla share package sold this week by Elon Musk, co-founder and CEO of the electric car company, was valued at $ 8.4 billion. This is what emerges from the documents filed with the Sec (Securities and Exchange Commission), the US stock exchange supervisory authority. Previously, the sale of 4.4 million shares, for a total of $ 4 billion, was announced between Tuesday and Wednesday. On Thursday a further 5.2 million shares were sold. The businessman said there will be no further Tesla stock disposals by him to finance the Twitter purchase.

Wall Street analysts and investors at the electric car company believe Musk needed the sale to fully cover the stake needed to buy Twitter. According to the filed papers, Musk still controls 168 million Tesla shares, for a current value of approximately $ 147 billion.

The purchase was critically commented on by many analysts following Tesla, where Musk has been CEO since 2008 and has long held the largest stake. “This is a difficult time for Tesla investors and casts a shadow over Musk’s future intentions,” said Wedbush’s Dan Ives. “The Twitter deal is becoming a problem for Tesla’s stock and this sale adds fuel to the fire.”

On April 26, the day when Musk made the most sales, Tesla shares suffered the largest decline since September 2020. The stock did not undergo major changes in the next two sessions and closed on Thursday at $ 877.51 per share.

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