Elon Musk sells $3.6bn worth of slumping Tesla stock via IrishTimesBiz
Musk tried for months to get out of the Twitter deal but failed. To raise enough cash for the purchase, he offloaded more than $15 billion in Tesla shares – about $8.5 billion in April, then another $6.9 billion in August. In November, after vowing he was done selling, he unloaded another $3.95 billion of his stake.
Musk used significant amounts of borrowed money that now sits on Twitter’s balance sheet to help finance the acquisition. Twitter’s debt load has jumped to about $13 billion, up from $1.7 billion pre-deal, along with other types of bonds that could be converted into stock. Twitter now faces annual interest payments approaching $1.2 billion – which could get even more expensive given that the interest rates on about half of that debt aren’t locked in and will rise with the market.
“At risk of stating obvious, beware of debt in turbulent macroeconomic conditions, especially when Fed keeps raising rates,” Musk tweeted this week. Musk’s recent sales shrink his stake in the company to roughly 13 per cent, according to Bloomberg data. Musk, who has been Tesla’s CEO since 2008, is still the largest shareholder. As of Wednesday’s close, he was worth $160.9 billion, ranking number two on the Bloomberg Billionaires Index after France’s Bernard Arnault. His fortune has dropped by $109.4 billion this year. – Bloomberg
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk loses title of world’s richest person to Bernard ArnaultLoss of top spot to LVMH chief executive comes after Tesla shares more than halve in value via IrishTimesBiz
Read more »
Elon Musk is no longer the richest person in the worldIt is the first time the Twitter and SpaceX owner has slipped in the rankings since he overtook Amazon founder Jeff Bezos as the richest person in September 2021.
Read more »
Elon Musk getting booed on stage at a Dave Chappelle gig is so awkward, but also hilariousHe is clearly one of the most polarising people on the planet right now, so we're not quite sure what sort of reception Elon Musk expected while making an appea...
Read more »
Musk relaunches Twitter Blue subscription service after fake account fiascoThe subscription service costs $8 per month for users accessing Twitter on the web and $11 if signing up on an Apple device.
Read more »
Twitter suspends bot account tracking Elon Musk's jetTwitter has suspended a bot account tracking its owner Elon Musk's private jet, the account's operator Jack Sweeney said in a tweet.
Read more »
Musk threatens legal action against Twitter account that tracked his private jetElon Musk has threatened legal action against the Twitter account that used publicly available flight data to track his private jet
Read more »