Elon Musk Sells Tesla Shares For IDR 58 Trillion After Buying Twitter Shares

13 Jun 2022


After officially buying Twitter shares, as of April 29, 2022, Elon Musk stated that he had sold nearly 4 billion or around Rp. 58 trillion US dollars of his stake in Tesla. This statement was conveyed via his Twitter account @ElonMusk. On his Twitter, he wrote that there are no further sales plans for Tesla, after today.

The reason for the sale was that Tesla's stock price fell. The fall in Tesla's stock price impacts investor concerns that the richest person in the world will release his shares. According to investors, Elon Musk will not have much time to run his electric car business because competition in the sector is high. In addition, investors assess Elon will need additional funds to acquire Twitter.

At least, Elon must pay off the acquisition payment of US$21 billion or around Rp. 304 trillion in the next six months. Elon is willing to sell his stake in Tesla, which makes him the richest man in the world, to fund a Twitter takeover. As previously known, Elon Musk officially bought Twitter shares at a price of 44 billion US dollars, or around Rp. 634 trillion, on Tuesday, April 26, 2022.

After Elon Musk's purchase of Twitter, Twitter will become a private company, no longer a public company controlled by the US stock exchange. Shareholders will receive $54.20 in cash for each Twitter share they own. The figure matches Musk's offer and represents 38 percent of the premium to Twitter's closing stock price on April 1, the last trading day before Musk disclosed his stake on Twitter earlier this month.

Source: https://money.kompas.com/read/2022/04/29/164907126/usai-beli-twitter-elon-musk-malah-jual-saham-tesla-senilai-rp-58-triliun

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