The world’s richest man, Elon Musk, has stated that he would stop selling his shares in automaker, tesla , as the billionaire raises funds to finance the acquisition of social media firm-twitter.
Between Tuesday and Wednesday , Musk had engaged in a selloff in the capital market, selling shares worth 4 billion dollars within two days. This sent the market capitalization of telsa down from over 1 trillion dollars to 906.91 billion dollars.
On Friday, Musk said on twitter that he would no longer sell part of his telsa shares after that day.
Tesla stock had fallen 9.3% within Monday and Friday, when twitter board announced Musk’s acquisition offer had been accepted, as holders of the automaker sell off in fear that the billionaire will sell telsa stocks to fund his acquisition.
He has raised 46.5 billion dollars, with 21 billion dollar sourced from his holdings, while banks contribute the best.
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