The world’s richest man, Elon Musk, has sold $ 4 billion worth of shares in Tesla. According to the Stock Exchange and Securities Regulatory Commission, the businessman made the decision to put his company on sale at the stock exchange 4.4 million units of shares this week.
Elon Musk and company officials have not commented on why the Tesla CEO made the decision, though it is likely to be related to the acquisition of a 100% stake in Twitter for $ 44 billion.
It is a well-known fact that despite being the richest man in the world, Elon Musk does not have $ 44 billion in cash and most of his assets are invested in companies, including Tesla. To raise the money to buy Twitter, Musk turned to one of Wall Street’s largest investment banks, Morgan Stanley, to help him raise $ 25.5 billion, of which $ 12.5 billion is a direct bank loan backed by Tesla shares.
Elon Musk responded to the news of the sale of Tesla shares on social media. According to him, there are no plans to sell additional shares of the company after April 29.