Sunday, December 4, 2022

Elon Musk To Sell Shares To Fund Twitter ; Will His Crypto Holdings Be Affected?

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Tesla’s shares fell 5.56% on Tuesday as rumors emerged that Musk would be selling off some of his extensive holdings of the company’s shares to help fund his Twitter purchase, per data from the Lead Lag report.

More recently on April 29, it was confirmed that Musk had sold about $8.5 billion worth of Tesla shares. Musk himself said that the amount would be all the shares of the company he would unload.

Will Musk sell his cryptocurrencies too?

According to a Reuter report, Musk is looking to raise the rest of his $44 billion bid from banks. This implies that he is continuing to keep his cryptocurrency holdings as he previously stated in March of this year.

The move points to his confidence in the crypto assets he holds including Bitcoin (BTC), Ethereum(ETH), and Dogecoin (DOGE). Recall that the billionaire previously revealed that apart from shares of his companies, these three cryptocurrencies make up the largest part of his personal property.

Musk lays out more plans for Twitter

As Musk is getting closer to his goal of taking Twitter private, he has been laying out more plans for the company. The aforementioned Reuters report revealed that the Tesla CEO shared more of his plans with the banks he is in fundraising discussions with.

Musk noted that he will greatly increase the platform’s revenue and introduce new features. Among the revenue-increasing plans is a proposal to charge websites a fee when a viral tweet from verified Twitter accounts is quoted, as well as changes to Twitter Blue.

It has also emerged that he is considering a crackdown on the pay of executives and will probably appoint a replacement for Parag Agrawal who became CEO last November.

[4/30, 9:36 PM] Finer than yo daddy: Non-Fungible Tokens (NFT) have been one of the hottest sectors in the crypto market recently. This is most strongly emphasized by the performance of OpenSea, the largest NFT marketplace by sales volume in the last week.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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