$TSLA Tesla down 25.56% with more pain on the way
Over the last 30 days $TSLA Tesla is down 25.56%, only bested by $NIO Nio motors, who is down 28.18%.
More pain is expected for Tesla shareholders as Elon Musk will likely need to sell additional stock to cover his $TWTR Twitter purchase.
Musk already owns nearly 9% of Twitter shares and will need approximately $37.5 billion to pay for the remainder. He has around $13 billion in debt coming in to help pay it, and he has already sold more than $15 billion in Tesla shares.
Another $7 billion is coming from other folks. That leaves an extra $2 billion in stock sales.
Gary Black, co-founder of Future Fund Active ETF, thinks that additional $3 billion will be required to reimburse Twitter stock-based compensation holders.
That implies Musk may have to sell a total of $5 billion in Tesla shares. This implies roughly 22.4million shares to be sold to cover this shortfall.
Musk is not permitted to sell any shares until Tesla releases third-quarter results on October 19.