Elon Musk sells USD 3.58B worth of Tesla stock, purpose unknown
Detroit (AP): Elon Musk sold another USD 3.58 billion worth of Tesla stock this week, but it wasn't clear where the proceeds were being spent.
The Tesla CEO, and new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the US Securities and Exchange Commission.
Musk has sold nearly USD 23 billion worth of Tesla stock since April, with much of the money likely going to help fund his USD 44 billion acquisition of Twitter.
The sale comes as shares of the electric vehicle and solar panel maker have collapsed, losing over half their value since Musk first disclosed in April that he was buying up Twitter stock.
The falling shares have bumped Musk from his status as the world's wealthiest person, with his net worth falling to USD 174 billion, according to Forbes.
He was passed last week by French fashion and cosmetics magnate Bernard Arnault.
The takeover of Twitter has not been smooth, and some big companies have halted advertising on the social media platform.
Musk has said that Twitter had "a massive drop in revenue" due to the advertiser losses.
Investors have been punishing Tesla stock of late as Musk has spent much of his time running Twitter, raising fears that he's distracted from the car company.
Wedbush analyst Dan Ives said Musk is now a villain in the eyes of Tesla investors. He said Tesla's fundamentals remain healthy but his behaviour with Twitter is hurting the company's brand.
"The Twitter overhang is a nightmare that is growing with no one but Musk to blame," Ives wrote in an email.
A message was left with Tesla on Wednesday night seeking comment on the stock sale.
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MVA to keep all its newly-elected MLAs under one roof after poll results: Sanjay Raut
Mumbai (PTI): The Maha Vikas Aghadi constituents have decided to house all its newly-elected MLAs together in Mumbai after the Maharashtra election results, Shiv Sena (UBT) leader Sanjay Raut said on Friday, a move aimed at preventing poaching ahead of government formation.
Talking to reporters here, Raut said MVA leaders, including himself, his party colleague Anil Desai, NCP (SP) state president Jayant Patil and Congress leaders Satej Patil and Balasaheb Thorat met on Thursday and carried out an assessment of every seat.
"We have decided to bring all newly-elected MLAs to Mumbai. New MLAs have no provision to stay in Mumbai. So we have decided to make their residential arrangements together," he said.
The counting of votes for the November 20 Maharashtra assembly polls will take place on Saturday.
Raut expressed confidence that the MVA would win 160 seats in the elections.
Some independents, who have strong chances of victory, have expressed their desire to support the opposition bloc, the Rajya Sabha member said.
"There is no formula for the CM's post. Everyone will choose the leader of the government," Raut said.
Senior Congress leaders have to come to Mumbai with a mandate on the CM's post as NCP (SP) president Sharad Pawar and Shiv Sena (UBT) chief Uddhav Thackeray are in Mumbai.
He also asserted that no power can stop the MVA from forming the next government in Maharashtra and that the decision on the top post will be taken only in Maharashtra.
Fissures have emerged within the opposition MVA as well as the ruling Mahayuti on who will head the next government with constituents in both camps laying claim over the chief minister's post. While state Congress chief Nana Patole asserted that a MVA government will be formed in Maharashtra under the leadership of his party, Raut on Thursday insisted the CM face will be decided by all alliance partners jointly.
Raut expressed fear that the BJP will try to obstruct the MVA through the governor's office in forming the government despite the opposition having the majority.
"We will take a decision without any delay, or else BJP will try to snatch power ruthlessly," hesaid.
The term of the Maharashtra legislative assembly ends on November 26. The opposition fears that President's rule could be imposed in the state if a new government is not formed till then.
