Musk 'Planning to Sell SpaceX Shares to Raise Money for Twitter Acquisition'

© AP Photo / John RaouxElon Musk, founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight to demonstrate the capsule's emergency escape system at the Kennedy Space Center in Cape Canaveral, Fla., Sunday, Jan. 19, 2020
Elon Musk, founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight to demonstrate the capsule's emergency escape system at the Kennedy Space Center in Cape Canaveral, Fla., Sunday, Jan. 19, 2020 - Sputnik International, 1920, 17.05.2022
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MOSCOW (Sputnik) - SpaceX founder and Tesla CEO Elon Musk is planning to sell SpaceX shares starting Tuesday in order to fund the acquisition of the social media platform Twitter, which will cost him $44 billion, New York Post reported, citing sources.
The company is expected to sell shares at $70 per share, an increase of 25% from the last trade, the newspaper said on Monday, adding that existing shares will be traded, not new ones. Musk owns 44% of SpaceX shares, the newspaper noted.
Musk reached an agreement with Twitter on the acquisition of the social network for $54.20 per share in a transaction valued at approximately $44 billion in late April.
Elon Musk later said that he would like to revolutionize Twitter’s role in public debate, as "free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated."
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