Twitter <\/a>for $44 billion in cash, a deal that will give the world\u2019s richest person control of the social media network used by millions of people and world leaders. According to Forbes, Musk\u2019s net worth is $268 billion.<\/p>\n\n\n\nMusk stated that he will contribute a $21 billion equity investment as part of the purchase.<\/p>\n\n\n\n
It was unclear how the billionaire planned to raise the remaining $12.5 billion in stock capital. Musk owns a 43.61 percent ownership in SpaceX, a $100 billion rocket company that isn\u2019t publicly traded.<\/p>\n\n\n\n
Tesla\u2019s stock increased by approximately 5% in morning trading on Friday.<\/p>\n\n\n\n
They\u2019ve lost nearly 20% of their value after Musk revealed he had a more than 9% stake in the company.<\/p>\n\n\n\n
A person familiar with the subject told Reuters that Musk has been looking for partners to lower his equity stake to the deal, but that such a partner is unlikely to emerge.<\/p>\n\n\n\n
This is his first Tesla stock transaction since he sold $16.4 billion worth of shares in November and December after polling Twitter users about selling 10% of his ownership in the electric vehicle manufacturer.<\/p>\n\n\n\n
Musk announced on Twitter that he will owe more than $11 billion in taxes in 2021 as a result of exercising stock options that are supposed to expire this year.<\/p>\n\n\n\n
Some traders have expressed concern this week that Musk may not have enough cash on hand to cover his $21 billion cash contribution, and that he may pull out of the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"
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