Within days of buying Twitter for $44 billion, billionaire Elon Musk sold another 19.5 million shares of his company Tesla. The company’s founding chief executive sold about $3.95 billion in shares in electric car maker Tesla, according to a US securities filing on Tuesday (November 8).
The news of Elon Musk’s sale of Tesla shares came to the fore just two weeks after buying the popular social media platform Twitter at a price of $44 billion.
Since the beginning of this year, Tesla’s share price has fallen by almost 50 percent. On top of that, the company has recently announced that more than 40,000 cars will be withdrawn from the market due to problems with power steering.
Meanwhile, Elon Musk has chosen a personal lawyer, chief of staff, several investor friends and a former Twitter executive to lead Twitter through mass layoffs to rein in costs. As Twitter’s new chief executive, Elon Musk claimed on Monday that Twitter’s user base is growing more than ever before. As a proof of this, he has shown the graph of increase in usage since last July. Musk has also listed daily Twitter users who can earn money worldwide.
Earlier on Tuesday, Tesla announced the removal of more than 40,000 cars from the US market. They cited a possible problem with the power steering as the reason.
Elon Musk has been making a lot of changes since buying Twitter. This includes the decision to charge $8 a month to be verified on Twitter. In addition, he reduced the number of employees at Twitter by half. Apart from improving search on the Twitter platform, he is also thinking of monetizing content.
