Elon Musk Sells $8.5 Billion , Worth of Tesla Shares.
Elon Musk Sells $8.5 Billion , Worth of Tesla Shares.
CNN reports that three days
after Twitter agreed to sell
the company to Musk, he sold
a hefty amount of Tesla stock.
On April 26, he sold 3.7 million shares for
$3.3 billion. The following day, he sold another 735,000 shares for $654 million.
On the morning of April 29, Musk revealed he sold another 5.2 million shares for $4.5 billion.
The average price he
received per share was $883.09.
While Musk didn't disclose
a reason for selling his
shares, it's likely part of his
funding to buy Twitter.
CNN reports that Musk's money moves were significant enough to lower Tesla's stock price by 12% on April 26.
The decline prompted other investors
to unload shares as well. .
On April 28, Musk took to Twitter to let everyone know if he would be selling additional shares.
As of April 29, Tesla stock was up 5%
in morning trading.