Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Elon Musk sells $3.95 billion worth of Tesla stock

Twitter's new owner and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings

Barbara Ortutay
Wednesday 09 November 2022 06:19 GMT
Twitter Musk Stock Sale
Twitter Musk Stock Sale (Copyright 2020 The Associated Press. All rights reserved.)

Your support helps us to tell the story

This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.

The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.

Help us keep bring these critical stories to light. Your support makes all the difference.

Twitter's new owner and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings.

Musk, who bought Twitter for $44 billion, sold 19.5 million shares of the electric car company from Nov. 4 to Nov. 8, according to Tuesday's filings with the Securities and Exchange Commission.

He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time. In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday's filings, likely to fund his share of the Twitter purchase.

Most of Musk's wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the world's richest person.

Musk had lined up banks including Morgan Stanley to help finance the Twitter deal. His original share of the deal was about $15.5 billion, Wedbush Analyst Dan Ives estimated . But if equity investors dropped out, Musk would be on the hook to replace them or throw in more of his own money.

Tesla's shares closed down $5.78, or 2.9%, at $191.30. The stock has lost 52% of its value since the start of this year. In comparison, the S&P 500 index has lost about 20% of its value so far this year.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in