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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Minor girl kidnapped and raped; main accused and two cafe owners held
Latur (PTI): A minor girl was allegedly kidnapped and raped by an 18-year-old man in Latur, leading to the arrest of the main accused and owners of two cafes where the crime occurred on December 4, police said on Saturday.
Police traced the girl within hours of registering the complaint. The accused, identified as Rihan Gulab Shaikh, was arrested based on the girl's complaint. Two others are owners of two cafes where the crime occurred, police said.
Police registered a case under various sections of the Bharatiya Nyay Sanhita (BNS), POCSO Act, and the Prevention of Atrocities Act, an official said.
