Elon Musk Sells Billions of Dollars in Tesla Shares to Pay for Twitter – The Hollywood Reporter

Elon Musk must provide you with $21 billion in money with the intention to full his buy of Twitter (the remainder of the $44 billion deal is being financed with debt and a margin mortgage).

So on Thursday, Musk bought a few of his inventory in Tesla. Numerous it.

In response to varieties filed with the SEC Thursday night, Musk bought billions of {dollars} value of Tesla inventory this week. Musk filed 5 varieties with the SEC, totaling round $4 billion in gross sales, per a tough estimate. The gross sales started on April 26, the day after Musk’s deal to amass Twitter was introduced.

Musk responded to a different consumer on Twitter after the gross sales have been disclosed, tweeting “No additional TSLA gross sales deliberate after at the moment.”

Now, it’s doable that the sale of Tesla inventory was unrelated to his buy of Twitter, however with Musk needing to provide you with money forward of the shut beneath the phrases of his financing settlement, it’s cheap to imagine that not less than among the cash earned from the gross sales shall be going towards the social media firm.

Assuming Musk closes the deal to purchase Twitter, his plans for the service stay opaque. He informed a convention that he desires it to be a haven without spending a dime speech, but in addition “maximally trusted” by all elements of society.

“Twitter has change into sort of the de facto city sq., so it’s simply actually necessary that folks have the fact and the notion that they can communicate freely inside the bounds of the regulation,” he mentioned.

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