Search Site

Trends banner

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Musk offloads $4 billion in Tesla shares after Twitter deal

Elon Musk, the CEO of Tesla.
  • Following these sales, Musk, the world's richest person, holds just over 168 million shares in Tesla, via a trust
  • Twitter's stock is trading at a significantly lower price than Musk's offer of $54.20 a share closing at $49.11 on Wall Street on Thursday

Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter’s board agreed to his $44 billion takeover of the social media platform.

Musk sold 4.4 million Tesla shares on Tuesday and Wednesday—according to filings Thursday with the Securities and Exchange Commission, the US market regulator.

Following these sales, Musk, the world’s richest person, holds just over 168 million shares in Tesla, via a trust.

“No further TSLA (Tesla’s stock symbol) sales after today,” Elon Musk tweeted late Thursday.

To finance his takeover of Twitter, confirmed Monday, Musk has pledged up to $21 billion from his personal fortune, with the rest financed by debt.

Many investors and analysts have expressed doubts over whether the deal will be completed, including questions about the financing and concerns that Twitter would distract Musk from running Tesla.

Twitter’s stock is trading at a significantly lower price than Musk’s offer of $54.20 a share. On Thursday, it closed at $49.11 on Wall Street.

The market often interprets the difference between the offer price and the value of a stock as the risk premium, the measure of risk represented by the acquisition.