The Sunday Mail (Zimbabwe)

Tesla stock sales about US$8bn

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ELON Musk sold roughly US$8,4 billion worth of Tesla shares last week following his bid to take Twitter private, according to filings with the Securities and Exchange Commission.

The Tesla and SpaceX CEO offloaded about 4,4 million shares of his electric vehicle company in trades on Tuesday and Wednesday. New filings on Friday showed sales of an additional 5,2 million shares on Thursday. The first of the CEO’s sales were made on Tuesday, the filings showed. Tesla shares fell 12 percent that day. Shares of Tesla were up about 2,5 percent on Friday. As the filings became public on Thursday night, Musk wrote on Twitter, “No further TSLA sales planned after today.”

He made the remark in response to an account that heavily promotes Tesla stock, products and Musk on the social network.

CNBC reached out to Tesla and Musk to ask exactly how he plans to use the proceeds, and whether he sold more Tesla shares after April 27, the latest date on the filings out Thursday. They did not immediatel­y respond to a request for comment.

Musk is bidding to buy Twitter and take the social media company private for

US$54,20 per share, around US$44 billion total. On the other hand, Twitter would owe Musk a US$1 billion break-up fee if it accepts a competing offer, or if shareholde­rs reject the deal, according to the same filing −

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