had to proceed with his takeover of the social media site in October. A few days after this $44 billion purchase of Twitter, it’s reported that Musk had sold Tesla shares valued at at least $3.95 billion.
This was his first stock release since August. The Securities and Exchange Commission revealed in a filing on Tuesday that Musk had sold 19.5 million more Tesla shares. However, he remains the No. 1 stockholder in his vehicle company,noted that Musk lost more money this year on Tesla stock than he lost buying Twitter. As a result, Musk’s wealth plummeted from $340 billion at its peak to $179.
Back in August, Musk tweeted that it was essential to avoid an emergency sale of Tesla stock if the Twitter agreement was to go through . To complete his purchase of Twitter, Musk invested billions of his funds, as well as those of his partners, including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, and Jack Dorsey, the former CEO of Twitter.Tesla’s role in Twitter is seemingly not just their shared head honcho.
On stage, he said, “Once Twitter is set on the right path, I think it is a much easier thing to manage” than his other companies, including SpaceX reports . While Musk remarked that his role as “Chief Twit” and sole director at the social media firm is only temporary, the mystery of who will be the next CEO of Twitter remains unsolved.