Elon Musk’s Twitter Deal: Billionaire Sells Tesla Stock Reportedly Weighs in Executives’ Pay Cuts

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Elon Musk confirmed earlier this week that he plans to buy Twitter. And he can use the proceeds from the sale of shares in one of his companies for this.

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Billionaire sold 9.6 million shares of Tesla is valued at $8.5 billion this week, which will most likely go towards his $44 billion deal to buy Twitter.

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Twitter also announced on Monday that Elon Musk was going to buy the social network. Once the deal is closed, which is expected this year, Twitter will go private.

What happens next? Here’s the latest on Musk’s plan to buy Twitter.

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How many shares of Tesla did Musk sell?

Within three days of announcing the deal to acquire Twitter, Musk sold 9.6 million shares worth $8.5 billion, according to documents filed Friday with the Securities and Exchange Commission.

Trades were conducted at prices ranging from $822.68 to $999.13.

In a tweet Thursday night, Musk said that “no further sales of TSLA are planned after today.”

What changes can Musk make?

Musk said he could take pay cuts for the CEO and board of directors to cut costs and find opportunities to monetize tweets. according to Reuters.

Other changes to the service could include making content moderation easier, which Musk has previously criticized, cutting back on ads, and introducing an edit button.

What does the deal mean for Twitter shareholders?

If the deal goes through Twitter shareholders will receive $54.20 per share in cash. As of Friday afternoon trading, Twitter shares are above $49.

One of the big benefits of Twitter’s privacy is that Musk can make changes faster without worrying about pleasing shareholders.

Can Twitter switch to subscription?

Experts believe a subscription model might be the best option for Twitter.

“We think the subscription service will be key to Twitter’s potential turnaround,” Dan Ives, an analyst at Wedbush Securities, said Tuesday. “We see this as one of the first changes to the platform’s business model.”

Contribute: Associated Press

Follow Brett Molina on Twitter: @brettmolina23.

Credit: www.usatoday.com /

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