Elon Musk Sells $8.5B Tesla Shares Days After Twitter Deal

APR 29 2022·Updated DEC 21 2022

Story

Image credit: The Associated Press [via The Independent]

The Facts

Tesla CEO Elon Musk has sold $8.5B worth of stock in the electric car company over the past few days, according to a filing with the Securities and Exchange Commission on Thursday.
BBC News
The move comes just days after Musk reached a deal to purchase Twitter for $44B, fueling speculation that the sale will help finance his purchase of the social media company. He has committed $21B of his own money to the purchase.
BBC News
This recent sell-off represents about 5.6% of Musk's stake in the business, but he remains the largest stakeholder in Tesla, owning more than 15% of its shares.
Guardian
Tesla stock saw the single largest one-day drop since Sept. 2020 this week following the sell-off and announcement that Musk is turning his attention to Twitter. Musk said on Thurs. that no more selling was expected.
CNN
It is possible, however, that Musk could enter partnerships with external investors to contribute equity.
wsj

Sources Split

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The Spin

Narrative A

Good for Musk. He's an extremely successful, innovative businessman who has transformed the automotive industry, reimagined the potential of space travel and is now tackling social media. Why shouldn't he use some of his personal financial success with Tesla, by selling a small part of his stake in the company, to facilitate his next projects?

New Yorker

Narrative B

Musk's takeover of Twitter is a serious cause for concern. He has a history of spreading misinformation and locking out people he disagrees with. Just because Musk runs a successful car company and has the ability to sell off billions in shares doesn't mean he's equipped to take on major social issues like freedom of expression and democracy on one of the most influential platforms in the world.

Vanity Fair