#Tesla chief #Elon Musk sold nearly $4 billion worth of shares in the #electric car company, More than a week after he completed the $44 billion acquisition of Twitter. Musk has been pressing for ways to pay for the significant transaction, for which he incurred enormous debt and earlier sold shares of Tesla worth $15.5 billion.
According to documents filed with the US Securities and Exchange Commission (SEC) and valued at more than $3.9 billion, he sold more than 19 million additional shares on Tuesday. Musk grabbed control of Twitter and its senior executives in late October after a protracted back-and-forth between the influential social media company and the world’s richest person. The billionaire initially tried to back out of the deal after his unsolicited bid was accepted in April. In July, he asserted that he was ending the contract because Twitter had deceived him about the number of fake bot accounts. The company, however, refuted his assertion.
After Musk tried to back out of the purchase, Twitter filed a lawsuit to enforce the terms of the agreement against him. He revived his takeover plan because a trial was about to start. Twitter lay off half of its 7,500 employees on Friday as part of an organisational restructuring led by its new owner.
#Jack Dorsey, who co-founded Twitter in 2006 and stepped down as CEO last year, tweeted an apology after it was made public that the platform had been developed too hastily. Musk has been looking for ways for the social networking site to make money since the acquisition. Users would pay $8 per month for verified accounts, according to one suggestion. The action would help Twitter avoid losing its primary source of income, as many well-known companies have put off their ad buying because of their worries over Musk’s well-known disdain for content restrictions. Since taking over Twitter, Musk’s actions and statements have caused concern and have prompted, among other things, warnings from the UN. The UN’s rights chief Volker Turk has urged Musk to make safeguarding human rights the social network’s top priority. According to Musk, Twitter will continue to prioritise content filtering, and he plans to create a committee just for the task.
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