According to a CNBC story, Elon Musk, the new owner of Twitter and the CEO of SpaceX and Tesla, revealed to the workforce of company on Thursday that he sold Tesla stock to save his newly-owned social network.
He made the remarks during an all-hands meeting that he planned to recognize the perseverance of Twitter staff members who had escaped major layoffs.
Following his purchase of Twitter for $44 billion, or $54.20 per share, Musk fired more than half of its workforce. For the purpose of paying for the acquisition of Twitter last week, Musk sold at least an additional $3.95 billion worth of Tesla stock. According to Securities and Exchange Commission documents made public on Tuesday, the shares he just sold included 19.5 million more Tesla shares.
According to CNBC, he also sold shares of Tesla earlier this year for more than $8 billion in April and more than $7 billion in August.
Musk has hired employees from Tesla, including a large number of Autopilot engineers, to help with code review and other responsibilities at Twitter, in addition to friends, investors, and deputies from other companies he has co-founded. Elon Musk warned Twitter staff on Thursday to be prepared for difficult times if they can’t discover new revenue sources.
On yet another busy day, Musk bought the social networking platform and included the alterations. Musk instructed his staff to stop working from home and report to work on Thursday morning in an email sent to them on Wednesday night.
According to a conference attendee who spoke anonymously to AP, Musk reportedly suggested that certain “extraordinary” employees might request a waiver from his return-to-office rule, while those who object to the set up could resign.
Building and launching Twitter’s new $7.99 monthly membership service, which adds a blue check mark next to the names of paying users, has, in Musk’s words, been a “priority for the past 10 days.”