Elon Musk sold Tesla shares worth almost $4 billion

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Almost all of the tycoon's immense fortune is invested in the carmaker, whose share price has fallen sharply in recent days. The entrepreneur needs liquidity to finance the operation of Twitter

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Elon Musk sold nearly $4 billion worth of Tesla shares

Elon Musk at a Tesla event (Reuters)

Businessman Elon Musk has sold 19.5 million shares of Tesla worth 3.95 billion dollars, according to documents delivered this Tuesday by the automaker to the United States Securities Market Commission (SEC)

The sale of Tesla shares took place on November 4 , days after Musk took effective control of Twitter, a company for which he paid some 44,000 million dollars. Musk has been pushing to find ways to pay off the huge deal, for which he took on billions of dollars in debt and previously sold $15.5 billion worth of Tesla stock.

Following the sale of those Tesla shares, Musk still owns around 455 million shares of the luxury electric carmaker.

November 1-7, during the first full week of Musk at the head of Twitter, Tesla shares lost 16% of their value: This Tuesday, the automaker's shares fell another 2.93% and at the close of the markets they were trading at $191.3.

Musk sold his shares at prices between $203.6 and $219.9, according to SEC filings.

Some analysts had anticipated that Musk would be forced to sell part of his shares in Tesla to finance the operation of Twitter, which according to the businessman himself, is losing 4 million dollars a day.

Elon Musk sold Tesla shares worth nearly $4 billion

(Reuters)

Musk's decision to make detwittering a private company and going public has allowed it to make big changes quickly, but has led the company to take on more debt, a risky option for a money-losing business.

In early November, he announced an $8 monthly fee for verified user accounts, arguing that his plan could solve the platform's problems with bot accounts and spam while creating a new source of revenue for the company.

Almost all of Musk's immense fortune, which until the acquisition of Tesla was above 200,000 million dollars, is invested stake in the car manufacturer's shares.

(With information from EFE and AFP)

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