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Tesla loses $126 billion after Elon Musk’s Twitter takeover

The selling spree was fuelled by panicking Telsa investors being in the dark about the source of Musk’s source of funds for the $44 billion Twitter deal.

Elon Musk’s takeover of Twitter has hit Tesla stocks hard as the company has lost more than $120 billion after the deal was approved by Twitter’s board of directors.

The selling spree was fuelled by panicking Telsa investors being in the dark about the source of Musk’s source of funds for the $44 billion Twitter deal.

They fear that Musk will divest from Tesla to generate a portion of funds for the same. Tesla lost $126 billion i.e 12% of their current valuation since April 26.

As per reports Musk has secured $12.5 billion loan and has gathered another $13 billion from Wall Street. It is the source of the rest of the funds that have created unease among Tesla’s investors.

When Musk had announced that he had bought a 9.2% stake in Twitter in early April, his stake at Tesla had plunged by $40 billion.

Twitter on Monday had confirmed its sale to Elon Musk after days of negotiations. The shareholders are to receive USD 54.20 in lieu of the sale.

Jack Dorsey the founder of Twitter and former CEO has voiced his support of the sale saying that he trusts Elon’s vision for the company. Jack resigned in November 2021 and was replaced by CTO Parag Agarwal, an IITian.

First Published: 27th April, 2022 16:15 IST

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