CEO unloads 19.5 million shares, leaving him with a 14-per-cent stake
Tesla Inc Chief Executive Officer Elon Musk has sold $3.95 billion worth of shares in the electric vehicle maker, according to U.S. regulatory filings, days after he completed his purchase of Twitter Inc for $44 billion.
The latest share sale leaves Musk with a stake of roughly 14% in Tesla, according to a Reuters calculation.The latest sale dump comes as analysts had widely expected Musk to sell additional Tesla shares to finance the Twitter deal. Musk, the world’s richest man, had about $20 billion in cash after selling a part of his stake in Tesla, including the sales made last year. This would have required him to raise an additional $2 billion to $3 billion to finance the takeover, according to a Reuters calculation.
The billionaire pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. Banks, including Morgan Stanley and Bank of America Corp, committed to provide $13 billion in debt financing.
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