More than a week after successfully finalizing the $44 billion purchase of Twitter, Tesla Chief Executive Elon Musk was shown to have sold over $4 billion worth of shares in the electric vehicle firm, according to filings with the SEC on Tuesday.
According to filings filed with the United States Securities and Exchange Commission, Musk sold more than 19 million shares of Tesla at a value more than $3.9 billion. Musk funded a significant portion of his acquisition of Twitter with stock in Tesla.
After a protracted back-and-forth between the world’s wealthiest person and the powerful social media firm, late in October, Elon Musk seized control of Twitter and sacked its senior executives. This came after the two parties had been going back and forth for a while.
Soon after his unsolicited offer was accepted in April, he made an attempt to back out of the deal with Twitter. In July, he announced that he was cancelling the contract because he felt that Twitter had misled him about the number of fake “bot” accounts, which is an accusation that the company has denied.
Following Musk’s request to cancel the transaction, Twitter initiated legal action in an effort to compel the businessman to fulfil his obligations under the agreement. But with a trial approaching in the near future, he caved in and resurrected his plot to take control.
It was a hazardous option for a company that was losing money to withdraw Twitter off the stock market, but it did provide Musk the ability to make huge changes in a very short amount of time. However, it also caused the firm to take on much more debt.
Early in the month of November, he made the announcement that there would be a fee of $8 per month for users’ accounts to be verified. He said that the proposal would alleviate the platform’s problems with bots and trolls while also providing a new income stream for the firm.
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