Elon Musk dumps $4 billion of Tesla shares as he seems to fund Twitter buy

Musk, who purchased Twitter for $44 billion, bought 19.5 million shares of the electrical automotive firm from Nov. 4 to Nov. 8, in keeping with Tuesday’s filings with the Securities and Change Fee.

He bought $7 billion of his Tesla inventory in August as he labored to finance the Twitter buy he was making an attempt to get out of on the time.

In all, Musk has bought greater than $19 billion value of Tesla inventory since April, together with these in Tuesday’s filings, more likely to fund his share of the Twitter buy.

Most of Musk’s wealth is tied up in shares of Tesla Inc. On Tuesday, his private web value dropped beneath $200 billion, in keeping with Forbes, however he’s nonetheless the world’s richest individual.

Musk had lined up banks together with Morgan Stanley to assist finance the Twitter deal. His unique share of the deal was about $15.5 billion, Wedbush Analyst Dan Ives estimated .

But when fairness traders dropped out, Musk can be on the hook to exchange them or throw in additional of his personal cash.

Tesla’s shares closed down $5.78, or 2.9%, at $191.30. The inventory has misplaced 52% of its worth for the reason that begin of this 12 months.

Compared, the S&P 500 index has misplaced about 20% of its worth to date this 12 months.