Elon Musk sells Tesla shares worth $4bn

The world’s richest person Elon Musk has sold 19.5 million of his shares in Tesla in a transaction worth $3.95bn, according to filings published by the US Securities and Exchange Commission on Tuesday.

Tesla CEO has sold nearly $20bn worth of his stock in the electric car company. Musk now holds around 135 million Tesla shares.

The latest move came after Musk purchased Twitter for $44bn. Reportedly, Musk has sold nearly $20bn-worth of his stock in Tesla since he initially invested in Twitter in April.

Earlier in August, Musk reportedly said that he sold Tesla stock. Tesla also reported $3.3bn in profit and $21.45bn in revenue for the third quarter – falling short of Wall Street expectations. According to The Guardian, Tesla’s value has dropped about 46% this year.

Reportedly, a consortium of banks loaned $13bn to Musk to finance the deal. He purchased Twitter for $44bn last week. He also received support in the form of $7bn from investors.

After purchasing Twitter, Musk fired the CEO and several top executives. He also laid off up to half of the company’s workforce. He also announced various changes to the micro-blogging site.

Musk had initially planned to charge $20 a month to users for applying a blue tick. However, the charge has been dropped to $8 a month.

The social media giant also banned a few verified accounts with millions of followers, including the account of US-based comedian Kathy Griffin. Musk also said that Twitter would ban accounts that impersonate others.

As per reports, Twitter will issue the new blue verification sign to users who pay $7.99 a month starting from November 9.

Musk sought to buy the social media platform in April this year. However, he wanted to leave the deal in May. In the Elon Musk vs Twitter buyout battle, Musk finally agreed to buy the platform.

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