Technology News

Elon Musk sells yet one more $3.58 billion of Tesla shares

By / December 15, 2022

Elon Musk has bought one other $3.5 billion in Tesla shares, according to a form filed with the Securities and Exchange Commission at present. Since November 2021, the excessive level of Tesla’s share value, Musk has bought greater than $39 billion of shares, The Wall Street Journal reports.

Musk, who lately misplaced the title of being the world’s richest man, final filed with the SEC about Tesla share gross sales in November, when he bought $3.4 billion. Earlier than that, he bought $8.4 billion in April and $6.9 billion (good) in August. He mentioned he was accomplished promoting twice, once in April and once in August.

Musk has been operating his social media web site, Twitter, into the bottom after closing the deal to amass the corporate on Oct. twenty eighth. Advertisers have fled the company, and in November, visits to Twitter’s advert supervisor fell 85 p.c from the yr earlier than, The Wall Street Journal reported. In its final yr as a public firm, 89 p.c of Twitter’s income got here from promoting. Twitter has stopped paying rent on some of its office space and stiffed travel vendors. The troubled firm has already undergone several waves of employee layoffs.

Twitter must pay about $1 billion a yr in debt as a part of the buyout, and some of the banks that made the loans are preparing to book losses on that debt this quarter. A technique for Musk to keep away from ugliness is to personally pay Twitter’s debt.

Musk has usually tapped into his fandom, utilizing his Twitter account to rally retail traders. He’s wooed these traders — and in 2018, he launched methods for them to ask questions during his earnings calls. On the finish of the day at present, shares of Tesla closed at $156.80, which The Wall Street Journal says is the lowest level in more than two years.

Tags: , , , , ,

Latest News