Charles Schwab Corp
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Financials : Capital Markets | Large Cap Growth
Company profile

The Charles Schwab Corporation is a savings and loan holding company. The Company, through its subsidiaries, engages in wealth management, securities brokerage, banking, asset management custody, and financial advisory services. The Company provides financial services to individuals and institutional clients through two segments: Investor Services and Advisor Services. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan services. The Advisor Services segment provides custodial, trading, banking and trust, and support services, as well as retirement business services to independent registered investment advisors (RIAs), independent retirement advisors and recordkeepers. The Company’s product offerings include brokerage, mutual funds, exchange-traded funds (ETFs), advice solutions, banking and trust.

This security is an American depositary receipt
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Closing Price
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0.27 (1.44%)
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Elon Musk offloads nearly $7 billion in Tesla stock amid Twitter fight

1:21 pm ET August 10, 2022 (MarketWatch)

By Mike Murphy

Tesla CEO indicates he wants cash on hand in case he's forced to close Twitter deal and some financing falls through

Elon Musk sold almost $7 billion in Tesla Inc. stock in recent days, according to filings Tuesday with the Securities and Exchange Commission, and indicated he wants cash on hand as his legal fight with Twitter Inc. heats up.

According to the filings, the Tesla chief executive sold around 7.9 million shares between Friday and Tuesday, at prices ranging from $838.57 to $911.75 -- roughly $6.88 billion in total.

Last week, Tesla shareholders approved plans for a 3-for-1 stock split, which will take place Aug. 24. Trading will begin on a stock split-adjusted basis on Aug. 25, the company said in a regulatory filing.

Musk last sold a tranche of Tesla stock -- about $4 billion worth -- in April, after agreeing to buy Twitter (TWTR) for $44 billion, a deal he is now trying to get out of. In an April 28 tweet, he said: "No further TSLA sales planned after today."

In a tweet Tuesday night, Musk again said he was done selling, adding: "In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock."

"This stock sale will raise a lot of conversation on Street for bulls/bears in the morning," Dan Ives, managing director and senior equity analyst at Wedbush, tweeted Tuesday night. "Musk tweet confirms our thoughts on Twitter. Street will read through this poker move that chances of Twitter deal more likely now."

Late last year, Musk sold about 10% of his stake in the electric-car company, selling about $16 billion worth of stock, largely to pay taxes. But over that time he also exercised options to buy about 16.4 million stock options at about $6.24 a share, actually increasing his stake in Tesla.

Musk is the wealthiest person in the world, as ranked by the Bloomberg Billionaires Index, with a fortune of around $250 billion.

Separately, Musk tweeted Wednesday that a Tesla 500 mile range Semi truck will start shipping this year, to be followed by the Cybertruck next year.

Tesla shares (TSLA) were up 3.2% Wednesday, but have fallen 17% year to date, compared to the S&P 500's roughly 14% decline.

-Mike Murphy


(END) Dow Jones Newswires

August 10, 2022 13:21 ET (17:21 GMT)

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