• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. Musk sells 22Mln Tesla shares worth ≈ $3.6Bln: US commission
US & Canada

Musk sells 22Mln Tesla shares worth ≈ $3.6Bln: US commission

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Dec 2022 17:34
  • 2 Shares

The US Securities and Exchange Commission (SEC) reports that Elon Musk makes the second large sale since his acquisition of Twitter in October.

  • Elon MuskIn November, Musk sold almost $4 billion worth of shares of Tesla stock, according to SEC filings.

Tesla CEO Elon Musk sold almost 22 million of the electric vehicle company's shares worth almost $3.6 billion from December 12-14, the second large sale since his acquisition of Twitter in October, according to the information provided by the US Securities and Exchange Commission (SEC) on Thursday.

Musk currently owns more than 423.6 million Tesla stakes, which is equivalent to 13.4 percent of the company's shares, the document said.

During the last three trade sessions from December 12-14, Tesla's shares have depreciated, losing 12.4 percent of their value; the price of one share dropped from $179.05 to $156.8 at the close of trading before the decline, according to the document.  

In November, Musk sold almost $4 billion worth of shares of Tesla stock, according to SEC filings. This came just over a week after he closed his $44 billion purchase of social media giant Twitter. 

Looking for ways to pay for the Twitter debt which reportedly amounts to $13 billion, Musk sold $15.5 billion worth of Tesla shares and even went on to include an idea to charge verified accounts 8$ a month. 

Adding fuel to the fire, the billionaire said he did not find it appropriate in the present macroeconomic conditions to take a new loan secured by Tesla shares to ease Twitter's debt burden, according to media reports.

Although Musk pulled Twitter off the stock market, he pulled the company into heavy debt, which is a risky choice for a money-losing business. 

It is worth noting that immediately upon taking office, Musk fired Twitter's top executives, including CEO Parag Agrawal, and he also laid off the company's board of directors, rendering himself the sole board member. 

His changes have been so impactful that according to NBC News, an engineering manager vomited after being informed he would be firing hundreds of employees. Moreover, Musk canceled the work-from-home policy that was implemented after Covid and demanded that employees come back to the office and work 40 hours a week or be fired. Per Bloomberg, the Tesla-Twitter mogul also expected 80-hour work weeks as opposed to the regular 40.

Twitter employees may face “difficult times ahead” if new money doesn't start rolling in, now-owner of the social media platform, Elon Musk, warned in November. 

The platform has been displaying continuous losses of high-level leaders in charge of data privacy, cybersecurity, and regulation compliance - such as Twitter’s head of trust and safety, Yoel Roth.

Losses also included chief privacy officer, Damien Kieran, and chief information security officer Lea Kissner, who tweeted: “I’ve made the hard decision to leave Twitter.” According to an executive, Twitter was slashing approximately 50% of its workforce. 

  • Tesla
  • electric vehicles
  • Elon Musk
  • Twitter

Trending Now

All
Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022 (Reuters)

Twitter shareholders approve of Musk takeover

Most Read

Haaretz

Mossad agent killed in Italy part of anti-Iran mission: Israeli media

  • Europe
  • 3 Jun
Screengrab from drone video footage showing Ukrainian Leopard tanks getting hit by Russian artillery in the Zaparozhye direction (Social media / Telegram: ZA_FROHT)

Germany's Leopards, IRIS-Ts not holding up well in Ukraine

  • Europe
  • Today
James G. Rickards. (WIkipedia)

Ex-CIA advisor predicts date when US dollar hegemony will collapse

  • Europe
  • 7 Jun
NATO may deploy troops in Ukraine to guarantee security: Former chief

NATO states may deploy in Ukraine to guarantee security: Former chief

  • Europe
  • Today

Read this

All
Swiss team to visit Lebanon in Salameh probe
MENA

Swiss team to visit Lebanon in Salameh probe

  • Today
Muslim worshippers gather for Friday prayers, next to the Dome of the Rock Mosque in the Al Aqsa Mosque compound in Jerusalem's old city, Friday, April 1, 2022. (AP)
Palestine

'Israel' plans to divide Al-Aqsa Mosque compound between Muslims, Jews

  • Today
Germany's second largest refinery of BP in Gelsenkirchen, western Germany, on Jan. 30, 2023. (AP)
Europe

Eurozone entered technical recession: EuroStat

  • Today
RFK Jr. says Pentagon hid Ukraine truth from Americans
US & Canada

RFK Jr. says Pentagon hid Ukraine truth from Americans

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS