Billionaire Elon Musk sold nearly $8.4 billion worth of Tesla shares during the week, after his attempts to take control of Twitter and make it private.
The CEO of Tesla and SpaceX dumped about 4.4 million shares of his electric car company in trading on Tuesday and Wednesday, and it was revealed that an additional 5.2 million shares were sold on Thursday, and reports showed that Musk’s first sale took place on Tuesday, as shares fell Tesla is up 12% on the same day, while Tesla shares are up 2.5% on Friday.
Musk is trying to take over the social networking company Twitter and make it private for $54.20 per share, equivalent to $44 billion. Musk offered earlier in the week, but the deal still needs approval from shareholders and regulators. Read more [Twitter Firm Accepts Elon Musk’s Takeover Offer].
Musk will have to pay Twitter a $1 billion closing fee if it fails to secure enough funding to complete his deal to buy the social media platform.
On the other hand, Twitter will owe Musk a deal breaker fee of up to $1 billion if it accepts another competitor’s offer or if shareholders reject the deal. Read More [MUSK-TWITTER News Reclaims $40K BTC and DOGE Soars 33%].