Tesla CEO Elon Musk has sold nearly $4 billion worth of Tesla shares in the electric car manufacturer, just days after he agreed to acquire Twitter. Moreover, the Twitter deal has led to speculation that it will assist to sponsor his scheduled $44bn buyouts of the social media platform. Twitter’s board agreed on Monday to accept a takeover offer from Elon Musk. In response to this, Tesla shares encountered a decline earlier this week over concerns that Musk would sell part of his stake in Tesla to fund the Twitter deal.
According to SEC Filings Musk Sold a Total of 4.4 Million Tesla Shares
However, he tweeted that he had no plans to sell any more of his shares in the carmaker. Filings to the US Securities and Exchange Commission revealed that Elon Musk sold a total of 4.4 million Tesla shares on Tuesday and Wednesday. The electric carmaker’s share price was 2.6% lower in the after-hours trade.
Yup, @elonmusk has been selling https://t.co/od67bHiOgA
— Whole Mars Catalog (@WholeMarsBlog) April 29, 2022
It was his first trade of Tesla shares since he unloaded $16.4bn worth of stock in November and December last year. That came after he asked his more than 80 million Twitter supporters whether he should sell 10% of his stake in the electric car maker. Tesla’s shares have dropped by around 20% since Musk announced earlier this month that he had bought a 9.2% stake in Twitter.
Elon Musk Has a $100 Billion Stake in His Rocket Company ‘SpaceX’
Furthermore, Elon Musk stated he would commit $21 billion of his assets to help finance the $44 billion deal. Investors were concerned that he may have to sell Tesla shares to help fund the takeover. Musk is the world’s wealthiest person, with an estimated net worth of almost $250 billion, mostly due to his Tesla stake. He also has a more than 40% stake in the rocket company SpaceX, which is estimated to be worth $100bn.
Read more: Twitter Co-Founder Jack Dorsey Calls Elon Musk’s Takeover as ‘Right Path’ for Twitter
