Elon Musk sold US$3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month.
Musk's Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO. Musk had sold blocks of Tesla shares worth a total of US$15.4 billion earlier this year since his deal to buy Twitter was announced.
Twitter confirmed Musk bought the social media company October 27, but he waited until November 4 to start selling additional Tesla shares. He also sold blocks of Tesla stock on Monday and Tuesday this week, according to filings to the Securities and Exchange Commission late Tuesday night. It's not clear if the money Musk raised went toward the Twitter purchase, or to support losses at Twitter since he took over.," as a growing number of advertisers pause spending on the platform in the wake of his takeover of the company. He blamed "activist groups" pressuring advertisers for the loss of ad dollars.
Twitter lost US$270 million in the quarter ending June 30, well before Musk took over and advertisers began to flee. It had only US$2.7 billion of cash on hand on its balance sheet as of June 30. He has announced plans to
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