Elon Musk sells $3.95 billion worth of Tesla stock

News Summary

  • In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday’s filings, likely to fund his share of the Twitter purchase.
  • “When does it end?”Shares of Tesla Inc., which were flat before the opening bell Wednesday, have fallen 8% this week and are down 46% this year, far outpacing broader market declines in what has been a dreadful year for investors.
  • He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time.
  • Musk had signaled that he was done selling Tesla shares and the revelation that those sales continue left some industry analysts exasperated.
  • His original share of the deal was about $15.5 billion, Ives estimated .
  • But if equity investors dropped out, Musk would be on the hook to replace them or throw in more of his own money.
By BARBARA ORTUTAY AP Technology WriterTwitters new owner and Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares, according to regulatory filings.Musk, who bought Twitter for [+1345 chars]