Elon Musk sells $4 billion in Tesla shares, presumably for Twitter deal
Detroit(AP): Elon Musk has sold 4.4 million shares of Tesla stock worth roughly 4 billion, most likely to help fund his purchase of Twitter.
Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from 872.02 to 999.13.
The world's richest man, who is the CEO of Tesla, tweeted that he doesn't plan any further sales of the company's shares. Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a huge single-day drop.
Analysts said Tesla investors fear Musk will be distracted by Twitter and less engaged in running the electric car company. Twitter agreed to be acquired by Musk on Monday for 44 billion.
It appeared that Musk would borrow up to 25.5 billion from a slew of banks to pay for the takeover of Twitter, but the stock sale potentially could fund some of that.
The deal to buy Twitter at 54.20 per share was announced earlier this week and is expected to close sometime this year. But before the deal is completed, shareholders will have to weigh in. So will regulators in the US and in countries where Twitter does business.
So far though, few hurdles are expected, despite objections from some of Twitter's own employees and from users who worry about Musk's stance on free speech and what it might mean for harassment and hate speech on the platform.
Tesla shares closed Thursday down slightly at 877.51. They are down 17% so far this year. (AP)
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Madhavi Latha files complaint against Owaisi for 'Beef Zindabad' remarks
Hyderabad: K. Madhavi Latha, the BJP candidate contesting for Hyderabad MP, has lodged a complaint with the Election Commission of India (ECI) against Asaduddin Owaisi, the AIMIM chief and sitting MP, for allegedly making provocative comments during an election campaign in the old city.
In her complaint, Madhavi Latha stated that Owaisi had encouraged a butcher to continue his job, saying 'kaat te raho' (continue cutting) and also uttered the words 'beef zindabad' (long live beef).
The incident reportedly occurred during Owaisi's election campaign in the old city. Madhavi Latha's complaint highlighted that these comments were seen as encouraging the consumption of beef, which could be viewed as against the sentiments of the majority community and could be seen as an attempt to provoke and appease a particular community for electoral gains.
"As a contesting candidate of the Hyderabad Parliamentary constituency, I request your good offices to take immediate action against Owaisi for violating the Model Code of Conduct (MCC) and to restrain him and his followers from stirring communal issues and hatred against another community to ensure fair and peaceful elections in the sensitive constituency," Madhavi Latha stated in her complaint.
