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Elon Musk Lets Go Of A$5.6 billion In Tesla Shares

CEO of Tesla and richest man in the world Elon Musk has sold almost A$5.6 billon worth in shares of the car company. This comes as Musk has agreed to purchase twitter for roughly A$61.7 billion, which caused Tesla shareholders to believe he would sell to fund the acquisition, causing share prices to dive.

While Musk has announced that there are “No further TSLA sales planned after today”, this is the second time in recent months that he sold a large number of company shares, originally selling roughly A$23 billion in shares late last year.

Tesla shares had been dropping since he announced his purchase of a 9.2% stake in Twitter earlier this month. Tesla shares dropped 2.6% in after-hours trade.

After the full acquisition deal between Musk and Twitter was finalized, Tesla lost over A$175.1 billion in stock market value.

Musk has also announced he will dedicate A$29.4 billion of his own assets to fund the acquisition of the social media platform. He is, at this time, the richest person in the world with a net worth of A$350.3 billion, with Jeff Bezos following at A$248.7 billion.

(Note: values in AUD are approximate as they have been converted from USD).

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