Elon Musk Sells $4 Billion Worth Of Tesla Stock, Says No More Sales Till Further Notice

Tesla CEO, Elon Musk, on Thursday, sold about $4 billion worth of Tesla stock in a sale that is likely going toward financing his purchase of Twitter.

In an SEC filing on Thursday, it was revealed that the Tesla CEO sold 4.4 million shares on Tuesday and Wednesday, which add up to about 2.6% of his stake in the company, reports Reuters.

Musk tweeted afterward that there would be “no further TSLA sales planned after today.”

The sale comes after Musk purchased Twitter on Monday for $44 billion at $54.20 per share. He is supposed to provide a $21 billion equity for the sale after securing commitments from other parties to provide the rest of the money.

He also took out a $12.5 billion margin loan tied to his Tesla stock for the acquisition.

Tesla shares have fallen about 20% since Musk first announced that he had acquired a majority stake in Twitter whereas Twitter shares have risen since he first bought into the company.

Musk still owns about 168 million shares in Tesla. He is also the CEO of space exploration company, Space X, and infrastructure and tunnel construction services company, The Boring Company, both of which are privately owned.

Space X is worth about 100 billion dollars and Musk owns about 47.4% of the company, while The Boring Company is worth approximately $5.675 billion of which he owns about 90%.