Musings From Abroad

Elon Musk sells $8.5b of Tesla shares to fund Twitter takeover

Published

3 years ago

April 29, 2022

Billionaire Chief Executive Officer of electric vehicles manufacturer, Tesla, Elon Musk, has sold 9.6 million shares of the stock worth $8.5 billion, to help fund his purchase of microblogging giant, Twitter.

In a report filed by the SpaceX owner with the US Securities and Exchange Commission on Thursday, the sale of the Tesla shares were concluded “over the past few days,” at prices ranging from $872.02 to $999.13 per share.

Tweeting about the sales, the world’s richest man said he does not however, plan further sales of the company’s shares.

Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a huge single-day drop, with analysts suggesting Tesla investors fear Musk will be distracted by his purchase of Twitter and become less engaged in running the electric car company.

It has also emerged that Musk would borrow up to $25.5 billion from a group of banks to pay for the takeover of Twitter, but the stock sale of his company shares could potentially fund some of the $44 billion he bought the social media company.

The deal to buy Twitter at $54.20 per share was announced earlier this week and is expected to close sometime this year.

Elon Musk sold more than 4.4 million shares of electric car company Tesla earlier this week for just under $4 billion, according to reports. https://t.co/eOG5nh1SHX

— Forbes (@Forbes) April 29, 2022

Related Topics:Elon Musk Featured Tesla Twitter

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Published

10 hours ago

November 22, 2024

Ifeoluwa Dada

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

Published

10 hours ago

November 22, 2024

Ifeoluwa Dada

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.