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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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
