Elon Musk only sold Tesla stock because it was ‘desperately needed’ for the Twitter deal – and says he doesn’t know his net worth

In this statement, Elon Musk has disclosed that he sold a significant amount of his Tesla stock, worth around $23 billion, to fund his $44 billion deal with Twitter.

He clarified that the decision to sell his Tesla stock was driven by the financial requirements of the Twitter deal and not because he had lost faith in the company.

Musk emphasized that people should understand the distinction between selling the stock to finance the Twitter purchase and losing faith in Tesla. He reiterated that he still had confidence in Tesla, and the decision to sell the stock was purely driven by the financial requirements of the Twitter deal.

Overall, Musk’s comments suggest that he made a strategic decision to sell his Tesla stock to finance his acquisition of Twitter, which he viewed as a valuable investment opportunity. He wanted to make it clear that selling the stock was not an indication of any lack of faith in Tesla’s long-term prospects.

When asked about his net worth, Musk candidly admitted that he did not have an accurate estimate. This statement is consistent with his previous remarks on not keeping track of his wealth, as he primarily focuses on his ambitious projects and goals rather than personal financial matters.

In summary, Elon Musk clarified in the interview that he sold Tesla stock to complete the Twitter deal, citing it as a necessity rather than a lack of faith in Tesla. He also acknowledged that he does not keep track of his net worth, prioritizing his projects and endeavors instead.

The decision to sell Tesla stock was primarily motivated by the financial requirements of the Twitter acquisition.

Elon Musk acknowledged that there are limited opportunities, or “brief windows,” during which he can sell his Tesla stock. He emphasized that such sales are often misinterpreted as a lack of confidence in his electric-vehicle company, which is not the case.

Musk expressed concern that the sales of Tesla stock have caused the stock price to plummet, which he viewed as unfavorable. In 2022, Tesla shares experienced a decline of 65%. However, this year, they have rebounded by 52%, reaching a value of $187, although still below their peak price of over $400 in November 2021.

As the CEO of Tesla, Twitter, and SpaceX, Musk’s estimated fortune was reported to be $181 billion as of Wednesday, with a significant portion of it tied to Tesla stock.

When directly asked about his net worth, Musk candidly admitted, “I don’t know.” This is consistent with his previous statements, indicating that he does not actively track or focus on his personal wealth, but rather prioritizes his companies and their endeavors.


Information Source: BI

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