Elon Musk Sells $7 Billion in Tesla Stock for Twitter Deal – The New York Times

DealBook|Elon Musk sells nearly $7 billion in Tesla shares to finance his Twitter deal.https://www.nytimes.com/2022/08/10/business/dealbook/elon-musk-tesla-twitter.htmlThe billionaire entrepreneur said he wanted “to avoid an emergency sale of Tesla stock” if he was forced to complete the buyout of the social media company.Send any friend a storyAs a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.Elon Musk revealed in securities filings that he had sold 7.92 million Tesla shares since Friday.Credit…Callaghan O’Hare/ReutersAug. 10, 2022Updated 2:40 p.m. ETElon Musk, the chief executive of the electric vehicle maker Tesla, has sold about $7 billion worth of the company’s stock, a move he said on Twitter was an effort to raise cash in case he was forced to complete his $44 billion deal to acquire Twitter.The sale of 7.92 million Tesla shares started Friday, Mr. Musk revealed on Tuesday in securities filings, a reversal from his previous statements that he would not sell additional shares to finance the Twitter deal.Mr. Musk signed the deal in April to acquire the social media company only to announce months later his intent to pull out, citing concerns about its accounting of fake users. His hesitancy coincided with a deep plunge in…
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