Page 12 - aruba-today-20221110

A12 BUSINESS
Thursday 10 November 2022
Elon Musk sells $3.95 billion worth of

Tesla stock

By BARBARA ORTUTAY AP
Technology Writer
Twitter's new owner and
Tesla CEO Elon Musk sold
nearly $4 billion worth of
Tesla shares, according to
regulatory filings.
Musk, who bought Twitter
for $44 billion, sold 19.5 mil-
lion shares of the electric
car company from Nov.
4 to Nov. 8, according to
Tuesday's filings with the
Securities and Exchange
Commission.
He sold $7 billion of his Elon Musk speaks at the SATELLITE Conference and Exhibition on
Tesla stock in August as he March 9, 2020, in Washington.
worked to finance the Twit- Associated Press
ter purchase he was trying
to get out of at the time. In Musk acknowledged "a Twitter deal and ultimate-
all, Musk has sold more than massive drop in revenue" ly those fears came true
$19 billion worth of Tesla at Twitter, which heav- which speaks to some of
stock since April, including ily relies on advertising to the massive selling pres-
those in Tuesday's filings, make money. Musk had sures on the stock of late,"
likely to fund his share of signaled that he was done wrote Daniel Ives at Wed-
the Twitter purchase. selling Tesla shares and the bush. "For Musk who multi-
The takeover of Twitter has revelation that those sales ple times over the past year
not been smooth and the continue left some industry has said he is 'done selling
social media platform has analysts exasperated. Tesla stock' yet again loses
seen the exodus of some "Our fear heading into the more credibility with inves-
big advertisers in recent final days of the deal was tors and his loyalists in a boy
weeks in including United that Musk was going to be who cried wolf moment."
Airlines, General Motors, forced to sell more Tesla Most of Musk's wealth is tied
REI, General Mills and Audi. stock to fund the disaster up in shares of Tesla Inc.q

Facebook parent Meta cuts 11,000

jobs, 13% of workforce

By BARBARA ORTUTAY
AP Technology Writer
Facebook parent Meta is
laying off 11,000 people,
about 13% of its workforce,
as it contends with faltering
revenue and broader tech
industry woes, CEO Mark
Zuckerberg said in a letter
to employees Wednesday.
The job cuts come just a
week after widespread
layoffs at Twitter under its
new owner, billionaire Elon
Facebook CEO Mark Zuckerberg speaks at Georgetown Musk. There have been nu-
University in Washington, Thursday, Oct. 17, 2019. merous job cuts at other
Associated Press tech companies that hired
rapidly during the pan-
demic.
Zuckerberg as well said
that he had made the de-
cision to hire aggressively,
anticipating rapid growth
even after the pandemic
ended.
"Unfortunately, this did not
play out the way I expect-
ed," Zuckerberg said in a
prepared statement. q