Upholdings founder and portfolio manager Robert Cantwell weighs in on Tesla and Netflix stocks.
Tesla CEO Elon Musk, who made waves this week when the Twitter board agreed to accept his buyout deal, announced he had sold $4.4 billion in Tesla shares Thursday, announcing that he would make no more sales after that day.
According to a Federal Exchange Commission filing Thursday, Musk sold 4.4 million Tesla shares at a value of $3.99 billion, according to a Bloomberg calculation. According to the filing, Musk sold the shares Tuesday.
After a Twitter user noted the sale, Musk tweeted, “No further TSLA sales planned after today.”
Tesla stock lost ground on Thursday amid investor concerns that Musk may have to sell Tesla shares to fund his $21 billion equity contribution to his $44 billion buyout of Twitter.
CEO of Tesla Motors Elon Musk speaks at the Tesla Giga Texas manufacturing “Cyber Rodeo” grand opening party in Austin, Texas, on April 7, 2022. (Photo by SUZANNE CORDEIRO/AFP via Getty Images) (SUZANNE CORDEIRO/AFP via Getty Images / Getty Images)
