The world’s richest man, Elon Musk, has stated that he would stop selling his shares in automaker, Tesla, as the billionaire raises funds to finance the acquisition of social media firm, Twitter.
Between Tuesday and Wednesday, Musk had engaged in a selloff in the capital market, selling shares worth $4 billion within two days. This sent the market capitalisation of Tesla down from over $1 trillion.
With the market cap down at $906.91 billion, Musk took to Twitter on Friday, stating that he would no longer sell part of his shares, “No further TSLA sales planned after today.”
Tesla’s stock has fallen 9.3% within Monday – when Twitter board announced Musk’s acquisition offer had been accepted – and Friday, as holders of the automaker sell off in fear that the billionaire will sell Tesla stocks to fund his acquisition.
Acquisition of Twitter will cost Musk about $43 billion. To foot the bill, he raised $46.5 billion, with $21 billion of the funds to be sourced from his holdings, while banks contributed the rest.
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