Elon Musk's 18-Month Stock Sale Pause Amid Twitter Chaos

Elon Musk's relentless Twitter activities have diverted attention from Tesla, the electric vehicle company that remains his primary source of wealth. Amid concerns from investors and advertisers, Musk has announced he will not sell any more Tesla shares for 18 to 24 months in an attempt to reassure shareholders. However, this move comes after he sold nearly USD23 billion worth of Tesla stock since April, with a significant portion going towards his USD44 billion Twitter acquisition. This chaotic period under Musk's leadership has seen major changes at Twitter, including workforce layoffs, content moderation axe, and a shift away from enforcing Covid-19 misinformation rules.

Key Takeaways:

Elon Musk has announced he will not sell any more Tesla shares for 18-24 months, a move aimed at reassuring shareholders amidst the company's struggling stock value.
Tesla's market value has plummeted nearly two-thirds, from over USD1.1 trillion on April 1 to its current level, as rival automakers encroach on its electric vehicle sales dominance.
Musk sold USD2.58 billion worth of Tesla shares last week, adding to the nearly USD23 billion worth of shares sold since April, when he started building a position in Twitter.
Social media has seen a chaotic period under Musk's leadership, with workforce layoffs, content moderation disbanding, and a shift away from enforcing Covid-19 misinformation rules.
Musk has called for criminal charges against top US infectious disease expert Anthony Fauci and dropped enforcement of Covid-19 misinformation rules.
Tesla has seen a decline in stock value, despite the company boosting discounts on its top-selling models, indicating slowing demand.
Tesla shares fell 0.9% to USD124.22 each in New York on Friday afternoon, down from over USD360 each on April 1 and an all-time high of over USD414 in November 2020.

Statistics:

Elon Musk's Twitter acquisition fund is worth USD44 billion.
Musk has sold nearly USD23 billion worth of Tesla shares since April.
Tesla's market value has plummeted nearly two-thirds since April 1.
The company has lost USD741 billion in value since April 1.
Rival automakers are cutting into Tesla's dominant share of electric vehicle sales.
Tesla offers a 7,500 dollar incentive on its Model 3 sedan and Model Y SUV for delivery between December 31.

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