Tesla Chief Executive Elon Musk has sold $4 billion worth of shares in the electric vehicle maker, regulatory documents showed on Thursday, in sales likely to help fund a potential takeover of Twitter.
Musk said in a tweet that “there are no more TSLA sales planned after today.” He sold 4.4 million shares on Tuesday and Wednesday, according to the filings, which equates to 2.6% of his stake in the company.
The sale came after Musk on Monday struck a deal to buy Twitter for $44 billion in cash, in a transaction that will transfer control of the social media platform populated by millions of users and global leaders to the richest person. of the world. Musk’s net worth is $268 billion, according to Forbes.
As part of the deal, Musk said he will provide a $21 billion guarantee. It is unclear how it will cover the remaining $17 billion. Musk holds a 43.61% stake in rocket company SpaceX, valued at $100 billion.
This is Musk’s first sale of Tesla shares since he sold $16.4 billion of shares in November and December.
Tesla shares are down nearly 20% since Musk disclosed the more than 9% stake on Twitter on April 4. Investors expressed concern that Musk might have to sell Tesla shares to help fund the social network’s takeover bid.
As part of the deal with Twitter, Musk took out loans tied to his shares in the automaker. He had already used about half of his Tesla papers as collateral on loans.