Elon Musk is selling Tesla shares – in the last six months he has sold shares worth about 15 billion dollars, of which about 4 billion dollars were sales in the last few days.
Twitter deal is turning out to be a bundle of trouble for Tesla stock. Investors fear that Elon Musk will invest time and energy in Twitter at the expense of Tesla. So it is true that Tesla is no longer a one-man company and still – he was involved in all stages of development, he was the visionary, with the crazy ideas, and he is the one responsible for the value of the company which is disconnected from reality. People invested in Musk and not necessarily in Tesla.
And against this background, the drop in Tesla shares is clear, and there is another important element – the investors estimated that Musk intends to exercise shares in Tesla to invest in the new baby – Twitter. And here it happens.
Musk sold 19.5 million Tesla shares for close to $4 billion. The transactions were in the last few days, at an average price of over $200 per share. Meanwhile the stock slipped below $200.
The sale deal was indeed expected, but it was supposed to be before the closing of the deal to buy Twitter and it was supposed to be a source of cash for the deal. The fact that it was done after the closing and the payment to the previous shareholders of Twitter indicates one of two things – or it is not related to Twitter and then this is a big warning sign – why is Musk selling shares of Tesla? Or Musk simply tried to work the market, completed the deal and financed it in some way and then when the market “calmed down” sold the shares in the market.
In recent months, against the background of the Twitter deal, Musk sold about 17.6 million shares worth more than 15 billion dollars. After the sales, he had about 446 million Tesla shares left, not including stock options. That’s about 12% of Tesla’s stock and it’s worth about $88 billion.
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> Can Tesla stock fall another 50% from here? Tesla managed to hold on despite the inflation, the drop in demand and the zero corona policy. What broke it was a Twitter deal. But the brand damage from the big layoffs and Musk’s tweets may be a bigger problem than Tesla’s (good) performance
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