Tesla CEO unloads almost $20B in total stock to finance $44B takeover of Twitter
Billionaire Elon Musk sold almost $4 billion of Tesla shares since completing his purchase of the social media company Twitter, according to official documents.
Musk sold 19.5 million shares, worth $3.95 billion, of electric carmaker Tesla shares Monday and Tuesday, a filing by the Securities and Exchange Commission showed late Tuesday.
The Tesla CEO sold $8.4 billion shares in April and an additional $6.9 billion in August, which brings total shares sold to approximately $19.3 billion with the latest sale, as part of an effort to finance his $44 billion takeover of Twitter.
In both instances, Musk had said he planned no more sales of Tesla shares.
Although Twitter’s board approved Musk’s offer to buy the company April 25,the deal was closed Oct. 27 after a legal standoff.