Elon Musk Sells $3.58B Worth Of Tesla Stock, Purpose Unknown

[SoCalDavidS]

Source: Associated Press

Elon Musk sold another $3.58 billion worth of Tesla stock this week, but it wasn’t clear where the proceeds were being spent.

The Tesla CEO, and new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission.

Musk has sold nearly $23 billion worth of Tesla stock since April, with much of the money likely going to help fund his $44 billion acquisition of Twitter.

The falling shares have bumped Musk from his status as the world’s wealthiest person, with his net worth falling to $174 billion, according to Forbes. He was passed last week by French fashion and cosmetics magnate Bernard Arnault.

Read more: https://ktla.com/business/ap-business/ap-elon-musk-sells-3-58b-worth-of-tesla-stock-purpose-unknown

[LetMyPeopleVote]

1. I wonder what company is losing money because they ran away most of the advertisers?

[DENVERPOPS]

2. Old Adage

You know the ship is sinking when the rats start jumping......

[jimfields33]

4. Poor guy only worth 174 billion

I’m not sure why it’s anybody’s business on why he sold his own shares. It’s just as bad as having a conservator.

[ShazzieB]

5. I don't think anyone would care if he wasn't running Twitter like a tin pot dictator

and running it into the ground in the process.

[Irish_Dem]

21. I assume people who invested in his companies care a great deal?

They may start to lose their money if Musk keeps self-destructing.

[Kennah]

3. Gotta make payments to the Mob

[Ray Bruns]

13. I am guessing it's for back rent

[ZZenith]

6. One hundred and seventy-four thousand million dollars.

One man.

The Human Race will really have achieved something when obscene wealth is viewed with the same contempt and loathing that abject poverty currently receives, for they are but two sides of the same coin.

[Aussie105]

7. He may be worth 174 billion on paper,

but right now, it looks like he has a huge liquidity problem.

Not smart selling shares when they are way down in value, only desperate people do that.

[CentralMass]

9. +1. Twitter is his fatal attraction.

[Irish_Dem]

22. Yes this means he needs cash badly?

He is liquidating some of his investments, at a loss no less.

[Probatim]

23. Maybe he knows Tesla is going to drop further and he's getting out ahead of that.

He also has to know that taking out that money, in the midst of the twitter debacle, is going to cause Tesla's stock to drop further.

For me, I'll be happy if just goes away.

[flying_wahini]

8. Probably paying his bills and making his child support payments...

And building another rocket ship so has to put in a down pmt.

[Botany]

10. Tesla has gone from $402 per share to $245 per share in under 1 year

I wonder if Elon's move into buying Twitter has made Tesla toxic and he knows it too. Lots of other companies
are now making electric vehicles.


COMPANY CLOSE UPDATES

Shares of Tesla Inc. slid 2.58% to $156.80 Wednesday, on what proved to be an all-around dismal trading session for the stock market, with the NASDAQ Composite Index falling 0.76% to 11,170.89 and Dow Jones Industrial Average falling 0.42% to 33,966.35. This was the stock's third consecutive day of losses. Tesla Inc. closed $245.87 below its 52-week high ($402.67), which the company reached on January 4th.

[druidity33]

11. It's actually at $156...

it closed $245 below its HIGH mark of $402.

[Botany]

20. thanx!

Musk will never want for beans and bacon but it would be nice to see that both Twitter and Tesla crash.

[Hassin Bin Sober]

12. Probably bailing out Twitter.

There’s talk of Musk taking out the margin loans he initially considered for the Twitter purchase but rejected in favor of $12 billion in bank loans secured against Twitter.

He needs to replace the $12 billion bank loan because the new interest payments are more than Twitter ever netted. And that was before the advertisers flew the coop.

He’s been talking bankruptcy for titter since day one. It’s nice to see him throw more of his personal fortune after bad.

[honest.abe]

14. Yep.

[dlk]

15. Twitter's creditors have come calling

Musk is crashing and burning in slow motion.

[marble falls]

16. He's harvesting equity ere the collapse. Classic vampire capitalist move.

[Happy Hoosier]

17. My guess is that he needs to keep the lights on at Twitter.

He isn't paying a lot of Twitter's bills. That suggests a major cash flow problem. But some bills he HAS to pay if he wants to keep it up.

With any luck, he'll gut himself trying to save Twitter.

I hope that at some point, some SANE investors can scoop up Tesla and Spave-X because they were actually advancing worthy efforts.

[multigraincracker]

18. Nothing, ever seems to

wipe that smug look off of his face.

[Turbineguy]

19. Maybe he needs a new yacht?

[twodogsbarking]

24. Whatever you do for employees they will do for you.

Whatever you do to employees they will do to you.

Company owners don't like to hear this. I had to say it though.

[LetMyPeopleVote]

25. Twitter has some rent and severance that needs to be paid

[republianmushroom]

26. Because it is falling fast

[SunSeeker]

27. Maybe he needs cash so he can load up on those Trump digital trading cards.