Elon Musk sells one more $3.58 billion of Tesla shares

Elon Musk has bought one other $3.5 billion in Tesla shares, in response to a type filed with the Securities and Trade Fee at the moment. Since November 2021, the excessive level of Tesla’s share value, Musk has bought greater than $39 billion of shares, The Wall Avenue Journal studies.

Musk, who not too long ago misplaced the title of being the world’s richest man, final filed with the SEC about Tesla share gross sales in November, when he bought $3.4 billion. Earlier than that, he bought $8.4 billion in April and $6.9 billion (good) in August. He mentioned he was executed promoting twice, as soon as in April and as soon as in August.

Musk has been operating his social media web site, Twitter, into the bottom after closing the deal to accumulate the corporate on Oct. twenty eighth. Advertisers have fled the corporate, and in November, visits to Twitter’s advert supervisor fell 85 % from the yr earlier than, The Wall Avenue Journal reported. In its final yr as a public firm, 89 % of Twitter’s income got here from promoting. Twitter has stopped paying lease on a few of its workplace house and stiffed journey distributors. The troubled firm has already undergone a number of waves of worker layoffs.

Twitter must pay about $1 billion a yr in debt as a part of the buyout, and among the banks that made the loans are getting ready to e book losses on that debt this quarter. A technique for Musk to keep away from ugliness is to personally pay Twitter’s debt.

Musk has typically tapped into his fandom, utilizing his Twitter account to rally retail buyers. He’s wooed these buyers — and in 2018, he launched methods for them to ask questions throughout his earnings calls. On the finish of the day at the moment, shares of Tesla closed at $156.80, which The Wall Avenue Journal says is the bottom degree in additional than two years.

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