• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

A SEC Filing Shows Elon Musk Sold Almost $4 Billion Worth Of Tesla Shares

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
April 29, 2022
in Uncategorised
Share on FacebookShare on Twitter

A regulatory filing published on Thursday showed that Elon Musk sold about 4.4 million shares of his electric vehicle company Tesla on Tuesday. The value of these shares are estimated to be almost $4 billion.

The billionaire through Aaron Beckman, his power of attorney, filed a total of five Form 4s with the United States Securities and Exchange Commission (SEC) to cover all 138 individual transactions.

The filing failed to state Elon Musk’s reasons for selling his shares, and this revelation comes as quite a surprise because selling his shares is deemed something that the billionaire is least expected to do. The fund is expected to go towards funding his $44 billion bid for Twitter. The billionaire, days ago, said that he already had secured funding for the bid and $4 billion out of $44 billion seems quite insignificant.

Twitter’s board before warming up to the bid had tried to prevent a hostile takeover of the company. The board adopted a “poison pill” otherwise known as a shareholders’ rights agreement. “The Rights Plan will reduce the likelihood that any entity, person, or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” Twitter said via a statement.

Elon Musk’s offer most likely got considered after he revealed that he had acquired $46.5 billion to finance the deal.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” Bret Taylor, Twitter’s Independent Board Chairman said.

In a Thursday tweet, CEO Elon Musk revealed that he wasn’t planning to continue Tesla shares. “No further TSLA sales planned after today,” he said.

No further TSLA sales planned after today

— Elon Musk (@elonmusk) April 29, 2022

Elon Musk will be required to pay Twitter a termination fee of $1 billion if he can’t secure funding for his bid. Twitter will also have to pay Elon Musk $1 billion in breakup fee if the company decides not to go through with the deal as a result of another offer.

Related Posts:

  • Twitter Sues Elon Musk for Terminating His $44 Billion Takeover Bid
    Twitter Sues Elon Musk for Terminating His $44…
  • A photo illustration shows Elon Musk’s twitter account
    Twitter Is Suing Elon Musk, Forcing Him To Honour…
  • Electric Vehicle Maker Tesla Reports Second Quarter…
  • elon-musk-16303829933×2
    Elon Musk Gets Listed In The Guinness Book Of…
  • Elon Musk Is Ready To Acquire Twitter, And At The Original Price He Intended
    Elon Musk Is Ready To Acquire Twitter, And At The…
  • iphone-7-BGR
    Twitter To Pursue Legal Battle With Elon Musk After…
  • iphone-7-BGR
    Elon Musk Must Complete Twitter Deal By October 28…
  • -1x-1 (9)
    The Biggest Loser: Elon Musk Is The First Person To…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025
    • OpenAI Upgrades Operator Agent’s AI Model May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    Court In Russia Issues Approval To Block Telegram App

    Vietnam Will Soon block Telegram, App Owners are Surprised

    May 24, 2025
    Widespread Downtime Reported By X Users

    Widespread Downtime Reported By X Users

    May 24, 2025
    MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market

    MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market

    May 24, 2025
    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    Meta Quest’s Headgear Will Soon Support 3D Instagram Images

    May 24, 2025
    Mozilla To Shut Down Pocket To Concentrate On Firefox

    Mozilla To Shut Down Pocket To Concentrate On Firefox

    May 24, 2025
    OpenAI Upgrades Operator Agent’s AI Model

    OpenAI Upgrades Operator Agent’s AI Model

    May 24, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok