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11 UKRAINE 28.4.2022 MORE than US$125 billion (£99 billion) was wiped off the stock market value of electric car giant Tesla overnight amid concerns that boss Elon Musk may have to sell down his stake to fund his takeo- ver of Twitter. Tesla shares tumbled 12.2% on the tech- nology-heavy Nasdaq index in America, with investors spooked by speculation that its multi-billionaire chief executive will sell off his stock to pay for the cash portion of his $44 billion (£35 million) mega deal. e Tesla owner has personally pledged to pump in $21 billion (£17 billion) of cash to help finance the deal. But questions have been raised over how he will stump up the equity, with much of his fortune tied up in assets such as Tesla and space exploration firm SpaceX. ere are also concerns that the Twit- ter takeover may see the tech pioneer become distracted and less interested in running Tesla. As well as SpaceX and Tesla, Musk also runs tunnel digging firm e Boring Company and computer-brain interface company Neuralink. Twitter shares were likewise hit on Tuesday, falling nearly 4% to under $49.68 (£39.19) – about 10% below the offer price of $54.20 (£42.76) a share which was agreed on Monday. is came amid a broader tech sell-off on Wall Street, with the Nasdaq closing almost 4% lower. But market analyst Neil Wilson, at Mar- kets.com, said the decline "underscores that investors are naturally anxious about what Musk is up to and whether he can pull it off." It is understood that Musk may seek to bring on board other investors to help fund the deal rather than risk destabilis- ing the car maker's stock, which may also put the wider Twitter deal at risk. Musk's 17% shareholding in Tesla ac- counts for the biggest chunk of his huge $270 billion (£213 billion) personal wealth and are also providing the bulk of the financing for the Twitter acquisition. He has pledged some of his Tesla shares to back a $12.5 billion (£9.9 billion) so- called margin loan for the deal and a big fall in the stock's value could pose prob- lems. Wilson said there is a lot of uncertainty over how the takeover saga will play out. "Could he still walk away? Certainly a $21 billion (£17 billion) cheque is a lot even for him to write," he said. "A $1 billion (£789 million) break fee might in the end seem less painful." Tesla shares slump amid concerns over Elon Musk's Twitter bid THE UK has condemned the decision by Russian energy giant Gazprom to stop its gas supplies to Poland and Bul- garia, with deputy prime minister Dom- inic Raab saying Russia is on the road to becoming a "pariah" state. EU leaders described the move as "blackmail" with many European coun- tries relaint on Russian supply. Gazprom halted its gas supplies to the two countries for failing to pay for gas in roubles, the Kremlin's toughest re- sponse yet to sanctions imposed by the West over the conflict in Ukraine. It was the first time Russia has cut off gas to European customers since Mos- cow launched its invasion of Ukraine on 24 February. "Gazprom has completely suspended gas supplies to Bulgargaz and PGNiG due to absence of payments in roubles," Gazprom said in a statement, referring to the Polish and Bulgarian gas compa- nies. e move has angered politicians in the West, with Raab saying: "It (halting gas supply) will have a … very damag- ing effect on Russia as well because it is becoming further and further, more and more, not just a political pariah, but an economic pariah." It has also prompted EU members to convene for an emergency meeting to map out a coordinated response to the matter, with European Commis- sion President Ursula von der Leyen branding Russia's move "unjustifiable and unacceptable". In a statement, she also accused Russia of using gas as "an instrument of blackmail" but said EU members have contingency plans in place. Polish state-owned PGNiG confirmed its supplies from Gazprom had been cut but said it was still supplying its own clients as needed. Anna Moskwa, Po- land's climate minister, said the country, which is currently taking in the lion's share of refugees from neighbouring Ukraine, was ready for such a situation as it spent years working to become less reliant on Gazprom. "Cutting gas supplies is a breach of contract and PGNiG reserves the right to seek compensation and will use all available contractual and legal means to do so," the company said. Poland and Bulgaria, both Nato and EU members, had earlier said Russia would stop supplying gas to them on Wednesday. Supplies from Gazprom cover about 50 per cent of Poland's consumption. Poland said it did not need to draw on reserves and its gas storage was 76 per cent full. Russia cuts off gas supply to Poland and Bulgaria Russia's energy giant Gazprom has stopped supplying Poland and Bulgaria

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