Technology

Elon Musk sells $3.58 billion more Tesla shares

In an email sent at midnight, Elon Musk gave Twitter employees a choice: commit to a "hardcore" culture at Twitter or leave with severance pay.

Paperwork submitted to the SEC indicates that Elon Musk has sold another $3.5 billion worth of Tesla shares. According to The Wall Street Journal, Musk has sold more than $39 billion worth of Tesla shares since the company’s share price peaked in November 2021.

In his most recent filing with the SEC, Musk, who was just dethroned as the world’s richest man, reported selling $3.4 billion of Tesla shares in November. Before that, he made $8.4 billion in April, and in August, he made $6.9 billion (great). He declared that he was finished with sales twice in April and August.

After completing the transaction to acquire the company on October 28th, Musk has been driving his social media website, Twitter, to its current state of irrelevance. The number of people using Twitter’s ad manager dropped by 85 per cent in November compared to the same month a year earlier, according to a report from The Wall Street Journal. In Twitter’s final year as a publicly traded firm, advertising accounted for 89% of total revenue. To cut costs, Twitter has reportedly ceased paying rent on the part of its office space and stiffed travel vendors. Multiple rounds of layoffs have occurred at the struggling corporation.

As part of the purchase, Twitter must make annual debt payments of around $1 billion, and some of the lending institutions are bracing to record losses on the loans this quarter. Musk may settle Twitter’s debts on his own to avoid a public relations nightmare.

Musk has frequently used his Twitter account to rally individual investors by appealing to his large following. He has courted these financiers, and in 2018 he began allowing them to participate in Q&A sessions during his earnings calls. The Wall Street Journal reports that Tesla stock concluded the day at $156.80, the lowest price over two years.

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