The 12.2% Drop In Shares Equates
To $21-billion drop in the value of Musk's Tesla stake, the same as the $21 billion in cash he committed to the Twitter deal
Tesla Lost $126B In Value Amid
Investor concerns that Elon Musk may have to sell shares to fund his $21 billion equity contribution to his $44-billion buyout of Twitter.
Tesla Is Not Involved In Twitter Deal
Yet its shares have been targeted by speculators after Musk declined to disclose publicly where his cash for the acquisition is coming from.
Wedbush Securities Analyst Daniel Ives
Said that worries about upcoming stock sales by Musk and the possibility that he is becoming distracted by Twitter weighed on Tesla shares.
To Be Sure
Tesla’s share plunge came against a challenging backdrop for many technology-related stocks.
OANDA Senior Market Analyst Ed Moya
“If Tesla’s share price continues to remain in freefall that will jeopardise his financing,”