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Quitter has 16 million shares outstanding, which trade at $15 per share. Elon Tusk acquires the firm and realises that Quitter is in a liquidity

Quitter has 16 million shares outstanding, which trade at $15 per share. Elon Tusk acquires the firm and realises that Quitter is in a liquidity crisis. He decides to issue 3 million shares at $10 per share to a group of hedge funds. What is the total loss incurred by pre-existing shareholders as a result of this share issue?

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