BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Britta Pedersen-Pool/Getty Images)
After Elon Musk announced his deal to buy Twitter last week for $44 billion, he sold about $8.5 billion worth of shares in Tesla to help.
Musk took to his Twitter account to say that he does not plan on making more sales of shares in his company. The transaction will allow the deal with Twitter to close in a timely fashion. The wisdom of selling a hot stock like Tesla for the lower-growth Twitter has sparked a furious debate online.
On Tuesday, Tesla shares went down to 12%, the biggest single-day drop since September 2020. But Musk will have a few hurdles when completing this deal despite objections from Twitter employees and users afraid of what Musk could do with the app. Many fear that he will restore the account of former President Donald Trump.
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