He declared the expiry of margin loans ina new filingwith the Security and Exchanges Commission (SEC).
He used Tesla shares as collateral to get $12.5 billion as a loan.
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After securing this money, Musk cut his Tesla shares-backed loan in half to $6.25 billion.
Now, the Tesla CEO is committed to providing $33.5 billion through equity financing.
A report by CNBC notes thatMusk is talking with Twitter co-founder Jack Dorseyamongst others to provide additional funding.
Musks move could be a result of continuously plummeting Tesla stock.
The EV makers shares havedipped by almost 47% from its all-time high achieved in November 2021.
Since agreeing to the deal in April, a lot has happened.
Musk has pitched ideas for makingmoney through Twitter, including launchinga mysterious new paid product.
And neither party isagreeing on the number of automated spam accounts.
That’s one heck of a mixed bag.
He likes to say “Bleh.
That’s one heck of a mixed bag.
He likes to say “Bleh.”
