Shares of Tesla are sliding before the market open on Thursday after news broke that CEO Elon Musk sold another $3.58 billion worth of the electric vehicle maker's stock this week.
Shares of Tesla are sliding before the market open on Thursday after news broke that CEO Elon Musk sold another $3.58 billion worth of the electric vehicle maker's stock this week.Musk, the new owner of Twitter, sold the shares from Monday through Wednesday, according to a filing posted Wednesday night by the U.S. Securities and Exchange Commission. It wasn't clear where the proceeds were being spent.
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 Twitter nightmare continues as Musk uses Tesla as his own ATM machine to keep funding the red ink at Twitter which gets worse by the day as more advertisers flee the platform with controversy increasingly driven by Musk,” Ives wrote.
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.
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