Billionaire Elon Musk seems to be betting everything on his new acquisition, Twitter, and, as investors feared, he is beginning to “sacrifice” Tesla in order to meet his financial obligations in the social media platform transaction.
That being said, the billionaire sold shares of Tesla worth about $ 8.4 billion this week.
Musk is trying to raise money to meet the financial obligations to buy the Twitter giant.
Tesla shares fell 12% on Tuesday, with investors worried that Elon Musk’s focus will now be largely on his new project and abandoning companies such as Tesla or SpaceX to a greater or lesser extent. measure, but enough to affect financial performance. However, from Tuesday to the end of the week, the value of Tesla shares did not freeze, but rose. Shares rose about 3.9% on Friday.
$ 44 billion – this is the amount recorded in the Twitter purchase agreement, money that Elon Musk has to get. However, the billionaire promised at the end of the week that he would stop selling Tesla shares. On Friday, he said that the sale of shares ended, trying to give investors a signal of confidence and stability.
“No more TSLA sales are planned after today,” said Elon Musk, according to The Verge.
What are Musk’s plans for Twitter?
“Freedom of expression is the cornerstone of a functioning democracy, and Twitter is the city’s digital marketplace, where vital issues for the future of humanity are being debated.
I also want to make Twitter better than ever, improving the product with new features, using open source algorithms to increase trust, defeating spam bots, and authenticating everyone. Twitter has great potential – I look forward to working with the company and the user community to unblock it, ”said the billionaire.