Tuesday, September 26, 2023

Leftists, Snowflakes Meltdown Likely as Musk Sells $4B in Tesla Shares, Presumably for Twitter Deal

'Analysts said Tesla investors fear Musk will be distracted by Twitter and less engaged in running the electric car company... '

(Headline USA) In a move all but certain to leave more trails of tears from social justice gadflies and produce more gnashing of teeth from leftists who want to censor any opposing thought,  Elon Musk has sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter.

Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from $872.02 to $999.13.

The world’s richest man, who is the CEO of Tesla, tweeted that he doesn’t plan any further sales of the company’s shares.

Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a huge single-day drop.

Analysts said Tesla investors fear Musk will be distracted by Twitter and less engaged in running the electric car company. Twitter agreed to be acquired by Musk on Monday for $44 billion.

It appeared that Musk would borrow up to $25.5 billion from a slew of banks to pay for the takeover of Twitter, but the stock sale potentially could fund some of that.

The deal to buy Twitter at $54.20 per share was announced earlier this week and is expected to close sometime this year. But before the deal is completed, shareholders will have to weigh in. So will regulators in the U.S. and in countries where Twitter does business.

So far though, few hurdles are expected, despite frantic objections from some of Twitter’s own employees, one of which actively drove to suppress the Hunter Biden lap top story and permanently suspend President Trump’s account, and from authoritarian, leftist censors who worry about Musk’s stance on free speech and what it might mean for what they consider harassment and hate speech on the platform.

Tesla shares closed Thursday down slightly at $877.51. They are down 17% so far this year.

Adapted from reporting by the Associated Press

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