Dogecoin Lover Elon Musk Sells Big!

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Tesla CEO Elon Musk, a Dogecoin fan, spent more than $8.5 billion at Tesla Inc. to provide the math for his $44 billion memorandum to buy Twitter Inc. sold his share.

Dogecoin lover, trying to balance money for Twitter

According to what we reported as Cryptokoin.com , Elon Musk is going to buy the social media company for 13 billion dollars. It has committed an additional $21 billion on the basis of bank financing, $12.5 billion in margin loans and Tesla shares. According to experts’ calculations, Tesla’s co-founder had about $3 billion in cash and investments to meet this $21 billion commitment before the most recent share sales. Recent divestments have brought that total to approximately $11.5 billion.

But as a result of the trades, Elon Musk has less to cover his margin loan with an initial loan-to-value ratio of 20%. This means it will have to collateralize Tesla stake at $62.5 billion when funded.

According to Tesla’s latest proxy statement, it currently has 163 million shares at a cost of approximately $146 billion, although more than half has already been committed to secure existing personal debt . If the electric car maker’s share price drops below $837, or about 7% below its current price, it won’t have enough margin to secure the loan. Shares fell as low as $821.70 by Thursday.

Calculations assume that it cannot send shares related to Tesla options as the collateral should ‘not contain any lock-ins or sale restrictions’ according to a document. His options turn into shares that cannot be sold for five years.

Elon Musk said, ‘No more sales,’ as if…

Elon Musk said he is trying to persuade new or existing stock investors to join the Twitter settlement. If it succeeds, it will have reduced the measure it has to contribute. “No further Tesla sales are planned after today,” Elon Musk said in a tweet on Thursday. However, if additional sales occur that day, it still has time to submit further regulatory documents.

While these developments are taking place, Tesla CEO’s dog Dogecoin (DOGE) seems to have lost the positive energy it captured with the Twitter acquisition. According to CoinMarketCap information, at the time of writing, Dogecoin was trading at $0.1352 with a loss of 2.53% in the last 24-hour period.

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