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April 30, 2022

Will Elon Musk’s Crypto Be Impeded If He Sells Shares to Fund Twitter?

According to data from the Lead Lag report, Tesla’s shares plummeted 5.56 percent on Tuesday as speculations circulated that Musk would be selling part of his huge ownership of the company’s stock to help fund his Twitter purchase.

On April 29, it was announced that Musk had sold around $8.5 billion in Tesla stock. Musk himself stated that the sum would be equal to the value of all of the company’s shares that he would dump.

According to Reuter, Musk is aiming to raise the remaining $44 billion of his offer from banks. This means that he is still keeping his bitcoin assets, as he announced in March of this year.

The move demonstrates his belief in the crypto assets he owns, which include Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Remember that the billionaire earlier stated that, aside from shares in his firms, these three cryptocurrencies constitute the majority of his personal property.

Musk has been setting out additional ideas for Twitter as he approaches his aim of taking the business private. According to the Reuters article, he divulged more of his ideas to the banks with whom he is in fundraising talks.

Musk stated that he plans to significantly raise the platform’s income and offer new features, as well as a proposal to charge websites a fee when a viral tweet from verified Twitter accounts is cited, as well as a few tweaks to Twitter Blue.

It has also been revealed that he is exploring a wage freeze for executives and would most likely choose a replacement for Parag Agrawal, who took over as CEO in November.

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Non-Fungible Tokens (NFT) have lately become one of the trendiest areas in the crypto industry. The behavior of OpenSea, the largest NFT marketplace by sales volume, in the previous week exemplifies this point the most.