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Friday, December 9, 2022

Elon Musk Sells Another $3.9 Billion in Tesla Shares

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Twitter is having a hard time. Some major advertisers have paused their spending on Twitter because of the change in control. A top ad manager, Sarah Personette, quit the day after Musk took over. Musk met some advertisers himself and the outcome was so bad that some executives shifted Twitter spending during the meeting, Vox Medias Kara Swisher reported. Some of Musk’s comments and actions around moderation on Twitter have made advertisers very skittish. Twitter is not profitable and relies on advertising for the majority of its revenue. It will also have to pay about $1 billion a year in interest on the debt Musk took on to buy it.

One way Musk can ensure his loans are paid regardless of Twitter’s advertising activity is by paying them himself. William Cohan on puck has suggested that Musk pays the interest himself is a likely outcome. But to do that, Musk needs cash, and to get cash, he needs to sell Tesla stock.


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