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Tag: Divestments

  • Shari Redstone reportedly in talks to sell Paramount parent to Skydance

    Shari Redstone reportedly in talks to sell Paramount parent to Skydance

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    Media tycoon Shari Redstone is in talks to sell controlling interesting in Paramount parent National Amusements to media and entertainment company Skydance, Puck and the New York Times reported Sunday.

    On Friday, shares of Paramount Global Inc. rallied 13% after Deadline reported Skydance and private-equity firm RedBird Capital were kicking the tires on National Amusement, which has a 77% stake in Paramount.

    According to the Times, Redstone — the daughter of late Paramount CEO Sumner Redstone — has held talks with Skydance in recent weeks, though the Times said it was unclear if a deal would be reached.

    Skydance, which is led by David Ellison, son of Oracle founder Larry Ellison, is one of Hollywood’s top independent studios, and has produced Paramount blockbusters such as “Mission: Impossible — Dead Reckoning” and “Top Gun: Maverick.” RedBird is a financial backer of Skydance.

    A sale would be a major reversal for Redstone, who waged a bitter battle for control of the company in 2016, and who later led the effort to merge CBS Corp. and Viacom, which led to the creation of the current Paramount Global.

    Deadline had reported that Skydance would be more interested in Paramount’s IP and movie studio, and could look to sell its TV assets, including CBS.

    A deal could signal the start of a major shakeup across the media industry, as traditional TV companies are struggling to make money in the streaming age. Comcast Corp.
    CMCSA,
    -0.17%    ,
    which owns NBCUniversal, could be looking to expand, while Warner Bros. Discovery
    WBD,
    +6.01%
    could be a potential seller. Disney
    DIS,
    +0.84%
    CEO Bob Iger recently floated the idea of selling ABC, but quickly walked that back.

    Paramount Global shares
    PARA,
    +12.11%
    have surged nearly 40% in the past month, but are still about flat year to date.

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  • Bayer CEO Says Breakup Wouldn’t Fix All of the Company’s Ills

    Bayer CEO Says Breakup Wouldn’t Fix All of the Company’s Ills

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    BERLIN—Bayer Chief Executive Bill Anderson said the company would bounce back quickly from a recent spate of bad news, and warned that a breakup of the pharmaceutical and agricultural company was no universal cure for its ailments.

    A stream of negative news has rekindled calls from investors for Bayer to unlock value by spinning off its units into separate businesses. But in an interview with The Wall Street Journal this week, Anderson said the company couldn’t be distracted from the tough restructuring to fix the businesses.

    Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Apple, Microsoft, Nvidia—What Tech Stocks Hedge Funds Are Buying and Selling

    Apple, Microsoft, Nvidia—What Tech Stocks Hedge Funds Are Buying and Selling

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    It’s filing season for a string of major hedge funds, and big tech names like Apple, Microsoft, and Nvidia were among the most-traded equities in the third quarter.

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  • Manchester United’s stock suffers record selloff after report that sale of club is off

    Manchester United’s stock suffers record selloff after report that sale of club is off

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    The U.S.-listed shares of Manchester United PLC suffered a record beating Tuesday, after a report that the iconic English football club was set to be taken off the market.

    Manchester United MANU UK:MNL fell 18.2% on the day to log its biggest one-day selloff since the company went public in August 2012. The previous record drop was 13.8% on March 12, 2020, at the outset of the coronavirus pandemic.

    The…

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  • Johnson & Johnson Maintains Dividend After Kenvue Spinout

    Johnson & Johnson Maintains Dividend After Kenvue Spinout

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    Johnson & Johnson


    on Wednesday issued new financial guidance after spinning out the consumer-health company


    Kenvue


    While its earnings and sales projections were lowered on an absolute basis, the company is maintaining its dividend and expects to increase its revenue at a faster pace.

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  • Heineken is the latest Western corporate giant to exit Russia

    Heineken is the latest Western corporate giant to exit Russia

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    Beer giant Heineken N.V. is the latest Western company to exit Russia, announcing Friday the sale of its Russian operations to Arnest Group for one euro.

    Under the terms of the deal, all of Heineken’s
    HEIA,
    +0.77%
    remaining assets, including seven breweries in Russia, will transfer to the new owners, the beer giant said in a statement. The Russian Arnest Group has also taken over responsibility for Heineken’s 1,800 employees in Russia.

    Heineken began the process of exiting Russia in March 2022, following that country’s invasion of Ukraine. The company said it expects to incur a total cumulative loss of €300 million ($324.1 million) as a result of its exit.

    “We have now completed our exit from Russia. Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia,” Heineken CEO Dolf van den Brink said in a statement. “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”

    Related: Unilever CEO vows to look at Russian operations with ‘fresh eyes’ as pressure to exit the country mounts

    A number of major Western corporations, including U.S. giants Apple Inc.
    AAPL,
    +1.26%    ,
     Alphabet Inc. 
    GOOGL,
    +0.08%

    GOOG,
    +0.21%    ,
     Amazon.com Inc.
    AMZN,
    +1.08%    ,
     International Business Machines  Corp. 
    IBM,
    +1.25%
    and McDonald’s Corp. 
    MCD,
    +0.79%    ,
    have left Russia in response to Moscow’s February 2022 invasion of Ukraine.

    Earlier this week, DP Eurasia, the master franchiser of the Domino’s Pizza Inc.
    DPZ,
    +0.49%
    brand in Turkey, Russia, Azerbaijan and Georgia, also announced its exit from Russia.

    But Heineken is “no hero,” according to Mark Dixon, the founder of the Moral Rating Agency, an organization set up after the invasion of Ukraine to examine whether companies were carrying out their promises of exiting Russia. “It failed to leave Russia for a year and a half,” he told MarketWatch via email. “The explanation that it took longer than expected doesn’t hold water, because of course it’s difficult to find a buyer if you remain so long a pariah state.”

    The Ukraine Solidarity Project said that Heineken’s move should increase the pressure on companies that remain in Russia, such as consumer-goods giant Unilever PLC
    ULVR,
    +0.44%    .
    “The point here is that major companies, like @Heineken, are and have taken loses of hundreds of millions and billions in leaving the Russian market. It is possible,” the Ukraine Solidarity Project tweeted Friday. “We’re sure @Unilever can do it, too.”

    Related: WeWork, Carl’s Jr., Unilever and Shell among companies slammed by Yale over operations in Russia

    The Ukraine Solidarity Project recently launched a high-profile campaign urging Unilever to get out of Russia, using images of Ukrainian veterans injured in the war with Russia. Last month, activists from the Ukraine Solidarity Project held up a giant poster featuring the veterans outside Unilever’s London headquarters.

    The Moral Rating Agency has also reiterated its calls for Unilever to end its Russian operations. 

    “We have always said we would keep our position in Russia under close review,” a Unilever spokesperson told MarketWatch earlier this month. The spokesperson also directed MarketWatch to a statement on the war in Ukraine that the company released in February 2023.

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  • Novartis Sets Sandoz Spinoff Date for Oct. 4

    Novartis Sets Sandoz Spinoff Date for Oct. 4

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    By Adria Calatayud

    Novartis said the planned spinoff of its Sandoz generic pharmaceuticals and biosimilars business is expected to occur on or around Oct. 4.
    

    The Swiss pharmaceutical giant said Friday that the separation will take place through a proposed distribution of Sandoz shares to its existing shareholders. Novartis shareholders will get one Sandoz shares for every five Novartis shares held and one Sandoz American depositary receipts–or ADRs–for every five Novartis ADRs, the company said.
    

    

    Novartis had previously said it expected the spinoff to happen early in the fourth quarter.
    

    The Sandoz spinoff remains subject to approval by Novartis’s shareholders. Novartis has scheduled an extraordinary general meeting for Sept. 15 to vote on the proposed distribution of Sandoz shares and a reduction in its own share capital in connection with the spinoff, it said.
    

    Following the separation, Sandoz would be listed in SIX Swiss Exchange, with an ADR program in the U.S., Novartis said.
    

    Write to Adria Calatayud at adria.calatayud@dowjones.com
    

    

    

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    J&J Investors Must Decide If They Want Kenvue Stock
    
			
    J&J Investors Must Decide If They Want Kenvue Stock
    
			
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    This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
    

    https://www.barrons.com/articles/kenvue-jnj-stock-price-exchange-offer-e85c3c90
    

    

    

    

    

    

    

    

      

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    The long-simmering rumor of Apple buying Disney is resurfacing as Bob Iger looks to sell assets
    
			
    The long-simmering rumor of Apple buying Disney is resurfacing as Bob Iger looks to sell assets
    
			
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    Analysts got to the point early and often during a conference call late Wednesday: What are Disney Chief Executive Robert Iger’s M&A plans, particularly following reports that former Disney executives Kevin Mayer and Tom Staggs, now co-CEOs of Blackstone-backed Candle Media, have been retained in a “consulting capacity” to decide ESPN’s fate?
    

    There is even the unthinkable, unsinkable decades-old rumor floating about again: Could Apple Inc.
    
        AAPL,
    
        -0.90%
    
       acquire Disney
    
        DIS,
    
        -0.73%    ,
    
       as one Hollywood executive floated to the Hollywood Reporter? 
    

    

    The prospect of an Apple-Disney combo seems far-fetched in a heated regulatory climate, where the Federal Trade Commission is attempting to crack down on Big Tech acquisitions, but it could happen should Disney sell off assets and Apple gobbles up  Disney’s direct-to-consumer business that includes streaming service Disney+, some media analysts speculate. Apple could conceivably even buy ABC, which reportedly is on the block. But the path is long and circuitous. 
    

    Yet the rumors persist, dating back to Apple co-founder Steve Jobs’ reverence for the Disney brand, and the increasingly overlapping businesses of both companies over the years.
    

    When pressed by analysts during a conference call late Wednesday, Iger declined to discuss the future of Disney’s structure or possible asset sales. When asked if Disney might “plausibly” be snapped up by one company — read Apple — an exasperated Iger said he would not “speculate” on the sale of Disney to a technology company or anyone else, given the current global stance of regulators. The FTC has aggressively challenged mergers from the likes of Microsoft Corp.
    
        MSFT,
    
        -1.17%
    
       and Facebook parent Meta Platforms Inc.
    
        META,
    
        -2.38%    ,
    
       with limited success.
    

    Since Iger hinted at the potential sale of Disney’s assets in an interview with CNBC last month, rumors have swirled around ESPN.
    

    ESPN and related properties likely could command at least one-third of Disney’s current depressed market cap of about $150 billion, say some media watchers, though Iger has denied ESPN is for sale. He has acknowledged “the sports leader” is seeking “strategic partners” — possibly with the NFL, MLB, NBA and NHL — to generate revenue. Late Tuesday, ESPN stuck up a deal with Penn Entertainment Inc.
    
        PENN,
    
        +9.10%
    
       to create ESPN Bet, a digital sportsbook to launch in the fall in 16 states.
    

    Read more: Penn dumps Barstool for ESPN-branded sports-gambling service
    

    Another possible property being dangled is ABC. But with rights to the NBA Finals and two Super Bowls in the next eight years, it is unclear who would acquire the network and how Disney would replace lucrative sports revenue. 
    

    Other properties on the block include cable channels Freeform and Disney Channel, according to a report by the Wall Street Journal.
    

    “If an asset sale happens, will the proceeds be deployed into fortifying its balance sheet or beefing up its remaining operations?” Rick Munarriz, senior media analyst at The Motley Fool, said in an email.
    

    Disney, which is in the midst of a $5.5 billion cost-cutting campaign, is exploring several avenues to prop up sales as linear TV ads shrink, Disney+ subscriptions decline and attendance at Walt Disney World wanes.
    

    Read more: Disney posts smaller streaming loss amid cost-cutting moves, stock slips
    

    Shares of Disney are trading at half their highs from a few years ago, in large part because of dwindling sales and profits at ESPN and Disney’s other cable networks.
    

    Enter Mayer, who previously ran Disney’s strategic planning group for years and engineered a trifecta of mega deals: The acquisition of the aforementioned Pixar Animation Studios from Steve Jobs for $7.4 billion in 2006, the purchase of Marvel Entertainment for $4 billion in 2009, and the acquisition of Lucasfilm for $4.05 billion in 2012. Mayer also led the $71.3 billion acquisition of 20th Century Fox’s entertainment assets in 2019, which has drawn mixed reviews.
    

    

    

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    Electrolux Starts Preparations For Potential Divestment of Zanussi and Other Non-Core Brands During Coming Yrs
    
			
    Electrolux Starts Preparations For Potential Divestment of Zanussi and Other Non-Core Brands During Coming Yrs
    
			
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    By Dominic Chopping
    

    STOCKHOLM–Electrolux on Thursday swung to an unexpected second-quarter net loss and said it is considering selling its Zanussi brand and other non-core assets during the coming years that together could raise around 10 billion Swedish kronor ($973.3 million).
    

    

    The Swedish home-appliance manufacturer posted a second-quarter net loss of SEK648 million from a profit of SEK257 million as earnings were weighed by SEK643 million provision, significantly lower volumes due to weaker market demand, currency headwinds, labor cost and energy inflation.
    

    A FactSet analyst poll had expected a net profit of SEK350 million.
    

    Sales fell 3.2% to SEK32.65 billion, versus the SEK34.05 billion expected in a company-compiled consensus.
    

    The weak demand environment, with lower consumer purchasing power resulting in more consumers shifting to lower price points, continued in the second quarter, it said.
    

    Although price increases contributed somewhat positively in the quarter, earnings promotions also increased significantly and Electrolux now expects the net price effect to turn negative from the third quarter.
    

    “In the challenging times we are now experiencing, it is vital to continue with strategic portfolio management,” Chief Executive Jonas Samuelson said.
    

    “Further structural simplification and complexity reduction are thus being evaluated.”
    

    Demand in 2023 is now expected to be negative in all regions.
    

    Write to Dominic Chopping at dominic.chopping@wsj.com
    

    

    

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    Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far
    
			
    Meta’s Twitter-rival Threads: How to sign up, what it costs and what we know so far
    
			
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    Meta’s Twitter-rival Threads launches tomorrow: What we know so far
    

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    Cummins spinoff Atmus Filtration’s stock soars 14% in trading debut
    
			
    Cummins spinoff Atmus Filtration’s stock soars 14% in trading debut
    
			
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    Atmus Filtration Technologies Inc.’s stock soared 14% Friday in its trading debut, after the Cummins Inc. spinoff priced its initial public offering in the middle of its proposed price range.
    

    The Nashville, Tenn.-based company sold 14.1 million shares priced at $19.50 each to raise $275 million. With 83.3 million shares to be outstanding after the deal, the company’s valuation is $1.6 billion. 
    

    

    The stock
    
        ATMU,
    
        +11.90%
    
       is trading on the New York Stock Exchange under the ticker ATMU. Goldman Sachs and JPMorgan Chase were lead book-running managers on the deal, with 10 other banks acting as co-managers. 
    

    Although the company is issuing primary shares, Atmus will not receive any of the IPO proceeds; all of the proceeds will go to debt-for-equity exchange parties, namely underwriters Goldman Sachs and JPMorgan, and will indirectly pay down parent Cummins’
    
        CMI,
    
        +1.03%
    
       debt, according to the filing documents. 
    

    Atmus makes products for on-highway commercial vehicles and off-highway agriculture, construction, mining and power-generation vehicles and equipment, mostly under the Fleetguard brand. The company had pro forma net income of $34.9 million in the first quarter on sales of $418.6 million. 
    

    About 16% of its 2022 sales went to original-equipment manufacturers, where its filters are used for new vehicles and equipment, and about 84% were aftermarket sales.
    

    The company was created by Cummins, a maker of diesel and natural-gas engines, in 1958. 
    

    The IPO comes in a thin year for deals. There have been just 44 IPOs this year to raise $7.3 billion in proceeds, according to Renaissance Capital, a provider of IPO exchange-traded funds and institutional research.
    

    That’s up 29.4% from the same period in 2022, when deal flow slowed to its lightest in decades. 
    

    “Deal flow started at a decent pace but failed to pick back up after the February lull, as hawkish signals from the Fed, renewed recession fears, and turmoil within the banking industry caused a spike in volatility,” Renaissance wrote in April commentary.
    

    The biggest deal of the year to date was that of Kenvue Inc.
    
        KVUE,
    
        -0.11%    ,
    
       a spinoff from Johnson & Johnson
    
        JNJ,
    
        +0.14%    ,
    
       which is parent to a number of household brands, including Tylenol, Band-Aid, Listerine and Benadryl. 
    

    For more, see: Kenvue stock cheered in Wall Street debut, as Tylenol and Band-Aid brand parent is valued at $48 billion
    

    Kenvue raised $3.8 billion after pricing above range and achieving a valuation of $41 billion. 
    

    The Renaissance IPO ETF
    
        IPO,
    
        +2.06%
    
       has gained 18% in the year to date, while the S&P 500
    
        SPX,
    
        +1.34%
    
       has gained 9%. 
    

    

    

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    PacWest sells its real-estate lending business to Roc360
    
			
    PacWest sells its real-estate lending business to Roc360
    
			
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    PacWest Bancorp will sell its real-estate lending arm to Roc360, as the beleaguered regional bank moves to refocus on its core business.
    

    The deal, first reported late Tuesday by the Wall Street Journal, comes a day after Los Angeles-based PacWest
    
        PACW,
    
        +7.74%
    
       unveiled a plan to sell a $2.6 billion portfolio of real-estate construction loans.
    

    

    In a statement Tuesday night, Roc360 said it will buy PacWest’s Civic Financial Services unit for an undisclosed sum. Roc360 will take on the unit’s business operations, but not its previously extended loans or loan-servicing operations.
    

    “In the face of market difficulties, we continue to expand and develop more products and services for real-estate investors,” Roc360 Chief Executive Arvind Raghunathan said in a statement. “We believe that America’s housing stock is severely undersupplied, with more than 50% of homes in deferred maintenance, lacking the modern-day energy efficiencies that our clients install with each loan they take from us. We will continue to prudently expand and invest for long-term solutions to these structural problems.” 
    

    New York-based Roc360 is a financial services platform for residential real-estate investors, and includes the brands Roc Capital, Finance of America Commercial, ElmSure, Wimba Title and Tamarisk Appraisals. 
    

    On Tuesday, PacWest shares jumped 8% on news of Monday’s loan sale, which also fueled gains among other regional-bank stocks.
    

    PacWest shares have sunk nearly 70% year to date, amid a wider downturn by regional banks following the failures of Silicon Valley Bank, Signature Bank and First Republic Bank.
    

    

    

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    PacWest’s stock jumps 5% premarket on news bank to sell real estate  loans worth $2.6 billion
    
			
    PacWest’s stock jumps 5% premarket on news bank to sell real estate  loans worth $2.6 billion
    
			
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    PacWest Bancorp.’s stock jumped 3% premarket Monday, after the bank announced asset sales that would allow it to focus on its core community banking business. 
    

    The regional bank
    
        PACW,
    
        -1.88%
    
       said it has entered an agreement to sell a portfolio of 74 real estate construction loans with a principal balance of about $2.6 billion to a unit of real-estate investment company Kennedy Wilson Holdings. 
    

    

    “Kennedy Wilson or its designees will also assume all remaining future funding obligations under the acquired loans of approximately $2.7 billion,” PacWest said in a regulatory filing. 
    

    The bank has also agreed to sell an additional six real estate construction loans to Kennedy Wilson with a principal balance of about $363 million. 
    

    The sale of the loans is subject to Kennedy Wilson’s satisfactory due diligence. The company will place $20 million into a third-party escrow account that will be refundable.
    

    The deal is expected to close in several tranches in the second and third quarters. “There can be no assurance that the transaction will be completed in part or at all,” said the filing. 
    

    See also: FDIC set to levy big banks to pay for $15.8 billion bailout of Silicon Valley, Signature Banks
    

    PacWest shares are down 75% in the year to date, after being caught up in the regional-bank stock rout that followed the collapse of Silicon Valley Bank in March. 
    

    The bank said it lost 9.5% of deposits during the week ending May 5 amid market volatility following JPMorgan’s
    
        JPM,
    
        -0.23%
    
       rescue of First Republic Bank. 
    

    See: Here’s why people are still worried about regional banks and commercial real estate
    

    Other regional banks were also rising premarket. Western Alliance Bancorp. was up 0.4% and KeyCorp. was up 1.7%. 
    

    The S&P 500
    
        SPX,
    
        -0.14%
    
       has gained 9% in the year to date. 
    

    

    

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    Berkshire Bought Capital One, Unloaded 2 Banks
    
			
    Berkshire Bought Capital One, Unloaded 2 Banks
    
			
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    Berkshire Hathaway Sold U.S. Bancorp, Bank of New York Stock. Here’s What It Bought.
    

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    Bed Bath & Beyond: from home-goods behemoth to bankruptcy
    
			
    Bed Bath & Beyond: from home-goods behemoth to bankruptcy
    
			
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    It’s the end of the road for Bed Bath & Beyond Inc., a company that was once a shining star of U.S. retail.  
    

    The troubled home-goods retailer BBBY filed for chapter 11 on Sunday, after spending several months teetering on the brink of bankruptcy. The company said it aims to achieve an orderly wind down of its operations, while also seeking to find an interested buyer for some or all of its assets. It has $240 million of debtor-in-possession financing to provide the liquidity needed to support its operations through the process….
    
    

    

    

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    GE’s Larry Culp Has a Message for Investors
    
			
    GE’s Larry Culp Has a Message for Investors
    
			
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    This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
    

    https://www.barrons.com/articles/ge-larry-culp-investors-annual-letter-83f4e20b
    

    

    

    

    

    

    

    

      

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    Robinhood accidentally sold short on a meme stock and lost $57 million
    
			
    Robinhood accidentally sold short on a meme stock and lost $57 million
    
			
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    Robinhood Markets Inc. accidentally sold short on a small stock as it went on a meme-like ride in December, costing the trading app more than the stock’s current market capitalization, executives disclosed Wednesday.
    

    Cosmos Health Inc.
    
        COSM,
    
        +0.80%
    
       shares nearly tripled and experienced record trading volume more than seven times any previous day on Dec. 16, as online traders looking for heavily shorted companies accused exchanges of not allowing them to sell their shares into the updraft. Robinhood
    
        HOOD,
    
        -0.76%
    
       executives admitted Wednesday that their trading app actually became part of the frenzy, and ended up down $57 million because of it. 
    

    

    In an earnings call, Robinhood Chief Executive Vlad Tenev noted a “processing error on a corporate action” that was “really disappointing,” leaving Chief Financial Officer Jason Warnick to spell it out.
    

    “A processing error caused us to sell shares short into the market, and although it was detected quickly, it resulted in a loss of $57 million as we bought back these shares against a rising stock price,” Warnick said.
    

    When Cosmos Health effected a 1-for-25 reverse stock split that Friday morning in December, just hours after announcing its intentions, trading portals did not appear prepared. As MarketWatch reported on the day, TD Ameritrade publicly told Twitter users that the company had not received the newly issued shares to dole out to their clients as the stock spiked. A Charles Schwab Corp.
    
        SCHW,
    
        -0.71%
    
       spokesperson emailed MarketWatch the next week to say that the distributions were all taken care of as of the end of the next business day, a Monday.
    

    The stock gains didn’t last through that Monday, though — after reaching as high as $23.84 on the day that Robinhood was apparently buying, they lost it all in after-hours trading and headed even lower after Cosmos Health announced an equity offering. 
    

    Shares closed Wednesday at $5.04, which gives Cosmos Health a market cap of about $53 million, according to FactSet — less than Robinhood executives said they lost on the Dec. 16 trades.
    

    Robinhood shares were up in after-hours trading Wednesday after the trading app reported a fourth-quarter miss, but said the company would seek to buy back shares sold to disgraced cryptocurrency-exchange founder Sam Bankman-Fried and executives would forego $500 million in stock compensation. Robinhood stock has declined 21.8% in the past 12 months, as the S&P 500 index
    
        SPX,
    
        -1.11%
    
       has dropped 8.9%.
    

    

    

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    Tesla stock suffers worst week since 2020 as Elon Musk sells, large shareholder asks for new CEO
    
			
    Tesla stock suffers worst week since 2020 as Elon Musk sells, large shareholder asks for new CEO
    
			
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    Tesla Inc. shares Friday wrapped up their worst week since 2020, as Chief Executive Elon Musk sold billions in stock and faced a call from a prominent investor to step down from the helm of the electric-vehicle maker.
    

    Tesla
    
        TSLA,
    
        -4.72%
    
       stock fell 4.7% Friday for a weekly decline of 16.1%, the fourth-worst week in history for the shares after a series of three weeks in late February and early March 2020, when investors sold stocks in fear of the COVID-19 pandemic’s effects. Tesla ended the week with a market capitalization of less than $500 billion for the first time since November 2020, and the share price nearly fell lower than $150 for the first time since that month, ending the week at $150.05.
    

    

    In-depth: Tesla investors await clues on demand, board actions and weigh downside risks in 2023
    

    The decline occurred as Musk sold stock, which he has done repeatedly since November of 2021. Musk disclosed the sale of more than $3.5 billion in Tesla stock late Wednesday, after performing the trades over the three previous trading sessions, when the price declined a cumulative 12.4%. In total, the Tesla CEO has sold $39.3 billion worth of Tesla stock in the past 13 months, according to calculations from Dow Jones Market Data and MarketWatch.
    

    The recent sales have seemed tied to Musk’s acquisition of the social-media platform Twitter, which he bought for roughly $44 billion this year. It is the second time he has sold stock since closing that deal in October.
    

    See also: Elon Musk’s $5.7 billion mystery gift has been revealed
    

    Musk has reportedly been spending much of his time at Twitter, which seems to have angered some prominent Tesla investors. Leo KoGuan, Tesla’s third-largest individual shareholder, publicly called for a new CEO on Twitter this week, as a chorus of previously boosterish accounts on the service expressed dismay at the stock decline and Musk’s actions.
    

    Bullish analysts have also expressed concerns about Musk’s focus and stock sales. Wedbush analyst Daniel Ives, who has an outperform rating and $250 12-month price target on Tesla shares, wrote Thursday that “Musk continues to throw gasoline in the burning fire around the Tesla story by selling more stock and creating Tesla brand deterioration through his actions on Twitter.”
    

    “The nightmare of Musk owning Twitter has been an episode out of the Twilight Zone that never ends and keeps getting worse,” Ives wrote. “In late April Musk said he was done selling Tesla stock, instead the exact opposite has happened and put massive pressure on Tesla shares which have significantly underperformed the market since Musk took over Twitter in late October.”
    

    Opinion: Why Tesla investors are the biggest losers in Elon Musk’s Twitter deal
    

    Tesla shares have now declined 57.4% so far in 2022, as the S&P 500 index
    
        SPX,
    
        -1.11%
    
       has declined 18.3%. Tesla’s market cap was $474.4 billion as of Friday’s close.
    

    

    

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    Elon Musk just sold $3.6 billion more in Tesla stock as Twitter turmoil continues
    
			
    Elon Musk just sold $3.6 billion more in Tesla stock as Twitter turmoil continues
    
			
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    Tesla Inc. Chief Executive Elon Musk just sold nearly $3.6 billion more of the company’s stock, according to a filing with the Securities and Exchange Commission released late Wednesday. 
    

    Musk sold just under 22 million shares worth $3.58 billion in aggregate from Dec. 12 to Dec. 14, the latest filing shows. Tesla shares TSLA fell in all three of those trading sessions, dropping 12.4% in total over the three-day stretch to finish Wednesday at $156.80. 
    

    This…
    
    

    

    

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