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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