According to a recent Bloomberg report, SEC Filings on Thursday revealed that Elon Musk has sold $4 Billion worth of Tesla Motors stock, totalling to around 4.4 million shares. The sale was made as 138 individual transactions filed under five form-4 SEC filings.
The move comes after the world’s richest man managed to clinch a blockbuster deal with Twitter to obtain it’s ownership.
Since SEC filings are backdated, it would mean these transactions were made on April 26th and 27th. This would amount to 2.6% of Musk’s stake in the company. Taking to Twitter, Musk further announced “No further TSLA sales planned after today”. This doesn’t necessarily mean there won’t be any more reports of stock sale, since sales made on April 28th, if any, would be revealed in Friday’s SEC filings. Tesla’s stock plummeted by 12% on April 26th, the steepest nosedive the company has taken since September 2020, Closing at $877.51.
No further TSLA sales planned after today
— Elon Musk (@elonmusk) April 29, 2022
The exact reason for this move has not been revealed yet, but it wouldn’t be a stretch to assume Musk could be liquidating assets to finance the $44 Billion deal made with Twitter.
While Twitter seems to be shining on Wall Street post Musk’s takeover, Tesla has largely been on the recieving end. Tesla holders apparently did not take the news well, since on Tuesday, the company lost over $125 Bn in stock market value. Wall Street analyst Dan Ives said “It’s a brutal cycle for Tesla investors to navigate and casts a shadow on the name with Musk selling more stock. The Twitter deal is becoming an albatross for Tesla’s stock and this pours gasoline on the raging fire.”
