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After the announcement of the takeover of Twitter by Elon Musk, the value of Tesla is in free fall. The fact that the billionaire sells shares has not helped.
The takeover of Twitter by Elon Musk for 44 billion dollars caused a stir on the side of Tesla. The next day, shareholders of the electric car manufacturer were worried about the distraction this created for the billionaire.
But the stock market also spoke, and Tesla’s stock price plummeted the next day. It went from over $1,000 to under $900, a 16% drop. This represented a $150 billion valuation loss for Tesla.
And the fall continues, as Musk parted ways with Tesla shares to fund part of the Twitter takeover. It is a total of 4.4 million shares that the billionaire has sold. This represents a value of approximately four billion dollars.
Seeing that the action plunged, Musk, however, wanted to reassure on Twitter, to avoid losing too much money. “I forgot to say one thing, my money was the first in it, it will be the last to stay there”.
With the sale of 4.4 million shares that followed, the businessman’s remarks obviously did not reassure shareholders. The market didn’t pay heed to those words either, as the value continues to fall.