Nov. 8 (Reuters) – Tesla Inc. (TSLA.O) Boss Elon Musk sold $3.95 billion worth of shares in the electric vehicle maker, according to regulatory filings, days after closing the $44 billion deal for Twitter Inc.
The latest sale brings the total Tesla shares Musk has sold to around $36 billion since November last year, leaving him with around a 14% stake in the world’s most valuable automaker, according to a Reuters calculation. .
Musk unloaded 19.5 million shares between Friday and Tuesday, according to documents released by the U.S. Securities and Exchange Commission on Tuesday evening.
Tesla did not immediately respond to a request for comment from Reuters on the purpose of the stock sale.
Analysts expected Musk to sell more Tesla shares to fund the Twitter deal, even though the world’s richest man had repeatedly claimed he was done selling Tesla shares.
He sold $6.9 billion worth of Tesla stock in August and had amassed about $20 billion in cash from several stake sales from November last year to August.
That would have left it in need of raising another $2 billion to $3 billion to fund the Twitter deal, according to a Reuters calculation.
The billionaire closed the deal last month with $13 billion in bank loans and an equity commitment of $33.5 billion, which included his 9.6% stake in Twitter worth $4 billion. dollars and $7.1 billion from investors, including Oracle Corp. (ORCL.N) co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal.
Tesla shares rose 0.7% to $192.64 in premarket trading. The company has lost nearly half of its market value since Musk’s Twitter bid in April.
Reporting by Akriti Sharma in Bengaluru and Hyunjoo Jin in San Francisco; Editing by Sherry Jacob-Phillips and Arun Koyyur
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