Tesla stock has reversed its slump after Elon Musk said he is finished selling stock in the electric vehicle firm he runs as CEO in order to fund his pending $44 billion acquisition of Twitter.About $8.5 billion in stock sales, done in multiple transactions spanning 9.4 million shares, have been disclosed over the past couple of days in regulatory filings.
Late on Thursday, Musk tweeted that “no further TSLA sales planned after today.” That news appears to have come as a relief to Tesla investors.
The high-flying stock had pulled back more than 20% on the news of Musk’s $44 billion acquisition of Twitter. The deal was formally announced on Monday, less than two weeks after Musk acquired a 9% stake in the social media company.Musk is the world’s richest person but his wealth is not very liquid.
He owns sizable positions in several companies, notably Tesla. The high-wire act he has to pull off is tapping his vast reserves of valuable Tesla stock without creating a panic among its investor base that he is distancing himself from the firm. (Already, Musk divides his time among SpaceX, Tesla and the Boring Company.)Although he isn’t a founder of Tesla, Musk has attained a massive following by steering the company’s unlikely emergence as the leading maker of electric vehicles.
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