Elon Musk gets hit with Twitter deal, sells Tesla shares worth $3.85 billion

Billionaire Elon Musk has sold about $3.58 billion worth of shares in electric car company Tesla this week. However, it is not clear where the money from this is being spent. Information given to the US Securities and Exchange Commission states that Tesla’s Chief Executive Officer Musk sold shares from Monday to Wednesday.

Tesla’s value has dropped by more than half since Musk made a bid for microblogging site Twitter in April. Musk has sold about $23 billion of the company’s shares since April. This can make it easier for them to raise funds for the $ 44 billion deal to buy Twitter. Tesla Musk’s title of the world’s richest person has also been snatched due to the fall in the share price. According to Forbes, Musk’s net worth has come down to around $174 billion. French businessman Bernard Arnault has left behind Musk and achieved the title of the world’s richest person.

Musk has been facing difficulties since taking over Twitter. Some big companies have stopped advertising on Twitter. Musk has told that the decrease in advertisements has had a big impact on Twitter’s revenue. Market analysts say that Musk has become a villain for Tesla’s investors. The company’s fundamentals remain strong, but Musk’s increased attention to Twitter is hurting Tesla’s brand.

recently Musk Had once again expressed its intention to manufacture low cost cars in India. He said during the ongoing G-20 summit in Indonesia that he is considering a proposal to make Tesla’s low-cost model for markets like India and Indonesia. Earlier this year, the central government in India turned down Musk’s request for tax exemption on Tesla’s electric cars. There was strong opposition from the automobile industry in India to give such tax exemption. In this regard, the industry said that this would harm the companies manufacturing cars in the country. The government said that under the rules, the assembling of vehicles in the country is already less taxed. Tesla was also invited by some Indian states to set up units.

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