Tesla didn’t immediately respond to a request for comment sent through its investor relations portal.
The number of Tesla shares pledged by its chief executive officer has taken on added importance because of the $12.5 billion margin loan he arranged to help finance his purchase of Twitter Inc. It requires Musk, 50, to pledge Tesla shares worth $62.5 billion. The debt is secured by that stock, which can be seized by lenders in the case of default.
The discrepancy itself won’t affect Musk’s Twitter deal. But after his sale of about $8.5 billion of Tesla stock last week, he had just enough Tesla shares remaining to secure the new facility, according to Bloomberg calculations, though it depends on the company’s share price.
@danahull @matt_levine So, a year ago Tesla disclosed Musk had 92.33M shares pledged as collateral as of 12/2020. In August they updated that to 88.33M as of 6/2021. And today they, uh, apparently mistakenly copied and pasted the 16-month-old info instead of updating to 12/2021? pic.twitter.com/5sweHMDPdT
— Virgil Abt (@abtnatural) May 2, 2022
That calculation assumes Musk has 88.3 million Tesla shares pledged to secure existing debt that would be unavailable for the margin loan — the figure as of June 30. An updated number should have been included in Monday’s filing.
It might be a coincidence that Musk had increased his pledged shares to the exact same figure he had a year earlier, though the old date in the same footnote would seem to suggest otherwise.