Tesla shares up 3% premarket after Elon Musk says no further stock sales are planned

tesla-shares-up-3%-premarket-after-elon-musk-says-no-further-stock-sales-are-planned

Tesla Inc. shares TSLA, -0.45% rose 3% in premarket trade Friday, after Chief Executive Elon Musk said he sold $4 billion of his stock this week, but tweeted that no further sales were planned. Musk, whose offer to buy Twitter Inc. TWTR, +0.97% was accepted by its board earlier this week, made the disclosures in regulatory filings. He said the share were sold on Tuesday and Wednesday at prices that ranged from about $870 to $999 a share. Twitter shares, meanwhile, closed Thursday at $49.11, still below Musk’s offer price of $54.20, suggesting investors are not convinced the deal will happen. Musk said he’d personally chip in about $21 billion, leading to speculation that he would sell another significant chunk of his Tesla stake. That, and worries that Twitter would distract Musk from his Tesla duties, sent Tesla stock sinking, approaching weekly losses of about 13%.

Source: Marketwatch

Related Posts