Musk is getting rid of Tesla shares

Billionaire sold nearly $4 billion worth of shares after Twitter deal

Elon Musk has sold around $4 billion worth of Tesla stock since he struck a $44 billion deal to buy social media platform Twitter. According to Securities and Exchange Commission filings released Thursday, the Tesla CEO sold 4.4 million shares on April 26 and 27. He now owns just over 168 million shares of Tesla, through a trust.

“No other TSLA [Tesla’s stock symbol] sales after today,” Musk tweeted Thursday night.

The world’s richest man, Musk, reached a deal on April 25 to acquire Twitter in a financing plan that alarmed some Tesla investors. To fund the takeover, Musk has pledged up to $21 billion of his personal fortune, with the rest financed through debt.

READ MORE: Twitter co-founder gives his thoughts on Musk takeover

Tesla’s share price fell as investors feared the multi-billionaire would dump shares in the company to help fund the cash deal for Twitter. The stock fell more than 12% on Tuesday after the announcement of the takeover, the biggest one-day drop since September 2020. The shares were trading at $903.13 each in pre-market on Friday.

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