Elon Musk Sells $3.9 Billion In Tesla Stock As His Focus Turns To Funding Twitter

It appears that the recent selling pressure in Tesla (NASDAQ: TSLA) was none other than Musk himself. The firms CEO this evening filed three separate Form 4’s with the Securities and Exchange Commission, outlining his sales that have taken place over the last three days.

The first Form 4 filed was for Friday, November 4, in which Musk sold a total of 9.65 million shares, generating gross proceeds of $2,012.8 million in the process. The shares were sold at prices ranging from $203.67 through to $219.91.

The second Form 4 filed, for November 7, consisted of a further 5.45 million shares being sold, for gross proceeds of $1,093.2 million. Shares were sold at prices between $197.20 and $208.73.

Finally, Musk sold a total of 4.4 million shares today, resulting in gross proceeds of just $843.2 million. The continuous selling however has had an impact on the price received for each share, with shares being sold between a range of $189.58 to $197.70.

Collectively, 19.5 million shares were sold by Musk over the last three market days, generating cumulative gross proceeds of $3,949,087,394.72. His holdings within his trust meanwhile still amount to over 445.6 million shares, thanks in part to the multiple stock splits that have occurred in recent years on the name.

The sales follow continuous speculation on just how exactly the paper billionaire was to fund his recently closed purchase of Twitter, for which he was believed to have ponied up over $12.0 billion in hard cash himself. Analysts previously indicated that they expect Musk to sell anywhere between $5.0 billion to $10.0 billion in Tesla stock to fund the purchase.

Further speculation meanwhile has suggested that he would also be forced to continue to sell stock in Tesla as a means of funding Twitter, thanks in part to advertisers pulling away from the platform, leaving a hole in the firms balance sheet. Other funding methods to be used by Musk to attempt to plug the hole include recent layoffs said to include up to 3,700 employees, and payment for verification.

Tesla last traded at $191.30 on the Nasdaq.

Information for this briefing was found via Edgar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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