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Elon Musk tells Twitter employees he sold Tesla stock to save Twitter


Muhammed Selim Korkutata | Anadolu Agency | beautiful pictures

The new owner of Twitter, Elon Musk, is also the CEO of the electric car maker Tesla and US defense contractor SpaceX, told employees of the social media business on Thursday that he recently sold Tesla shares to “save Twitter.”

He made the remarks during a hands-on meeting that he chaired in part to motivate Twitter employees, who are left to work hard after the layoffs. Musk laid off about half of Twitter employees after buying the company for $44 billion, or $54.20 per share.

As CNBC previously reported, To fund his share of that private deal, Musk last week sold at least $3.95 billion more. value of Tesla share. According to a filing with the Securities and Exchange Commission published Tuesday, The lot of shares he just sold amounted to 19.5 million more Tesla shares.

Earlier this year, he also sold more than $8 billion in Tesla stock in April and was worth about $7 billion in August.

Musk has attract employees from Teslaincluding dozens of Autopilot engineers, to help with code review and other work at Twitter with friends, financial backers, and representatives from other companies he co-founded.

Among other things, Musk wants Twitter to generate half of its revenue from Twitter Blue subscribersand become less dependent on advertising revenue.

Musk’s Twitter distraction has shaken some of Tesla’s most staunch bulls. For example, CNBC Pro reported, Wedbush Securities removed Tesla from its list of top stocks. The company called Musk’s deal on Twitter a “shipwreck disaster,” saying the popular CEO had “stained” the Tesla story and created a “painful cycle” for shareholders to navigate. .

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