An image of new Twitter owner Elon Musk is seen surrounded by Twitter logos in this photo illustration on November 8, 2022 in Warsaw, Poland.
STR | Nurphoto | Getty Images
Elon Musk has sold at least another $3.95 billion value of shares in his electric car company Tesla after completing its $44 billion acquisition of Twitter.
According to filings with the Securities and Exchange Commission released Tuesday Musk sold 19.5 million more shares of Tesla.
Musk sold nearly $22 billion worth of Tesla stock in 2021, a year in which the stock rose over 50%. That year, he sold over $8 billion worth of stock in April and about $7 billion in August.
As well as pouring billions of his own capital into the Twitter privatization, the Tesla CEO has also relied on partners including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, Twitter’s former CEO Jack Dorsey, and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia to fund the deal or contribute its existing shares to his holding company for Twitter.
As NBC News previously reported, Senator Chris Murphy (D-Conn) has called for an investigation into the national security implications of Saudi Arabia’s involvement in Twitter following Musk’s take-private deal.
On Aug. 9, Musk told fans he was done selling Tesla stock to fund a potential Twitter acquisition. He tweeted, “In the (hopefully unlikely) event that Twitter forces this deal *and* some equity partners don’t pull through, it’s important to avoid a fire sale of Tesla stock.
At the time, Musk was still fighting the social media company in court to try to get out of the deal — which he proposed and agreed to in April.
Since completing the purchase, Musk has drawn dozens of Tesla engineers to Twitter to help with code review and other work.
Compared to the Nasdaq Composite, which is down about 33% year to date, Tesla shares are down 46%, wiping out a large chunk of Musk’s fortune. However, according to Forbes, he is still the richest person in the world with a net worth of nearly $200 billion.
At a conference last week, Musk told hedge fund manager Ron Baron that his “workload has gone from about, I don’t know, 78 hours a week to probably 120.”
Musk, who is also CEO of SpaceX, said on stage, “Once Twitter gets on the right track, I think it’s going to be a lot easier to manage” than his other companies. Musk hasn’t said who Twitter’s new CEO will be, but he has hinted that his role as “chief Twit” and sole director of the company is temporary.
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