Elon Musk has sold another chunk of his Tesla shares, raising $3.6 billion, according to a regulatory filing on Tuesday. The sale comes as Musk faces a margin call on his Twitter acquisition, which he is currently trying to back out of..
Musk sold 7.92 million shares of Tesla between August 5 and August 9, according to the filing with the Securities and Exchange Commission. The shares were sold at an average price of $468.24, raising a total of $3.6 billion..
The sale represents about 3% of Musk’s total Tesla holdings. He still owns about 16% of the company..
Musk has now sold a total of $23 billion worth of Tesla shares this year. The sales have been used to fund his $44 billion acquisition of Twitter, which he is now trying to back out of..
Twitter has sued Musk to force him to complete the deal, and a trial is scheduled for October. Musk has argued that Twitter misled him about the number of bots on the platform..
It is unclear how the sale of Tesla shares will affect Musk’s legal battle with Twitter. However, the sale does give him more financial flexibility if he is forced to complete the deal..
In addition to the sale of Tesla shares, Musk has also secured $12.5 billion in debt financing for the Twitter acquisition. The debt financing is being provided by a group of banks led by Morgan Stanley..
The Twitter acquisition has been a major distraction for Musk, who is also the CEO of Tesla and SpaceX. The acquisition has also raised concerns about Musk’s ability to manage multiple companies effectively..
The sale of Tesla shares is a reminder that Musk is facing a number of challenges, both personal and professional. The outcome of the Twitter acquisition and the margin call on his Tesla shares will have a significant impact on his future..
