Elon Musk Sells Huge Tesla Shares After Twitter’s Purchase Approval

Elon Musk, the world’s richest man, has sold over $4 billion (£3.2 billion) worth of Tesla stock after sealing his $44 billion deal to buy off Twitter.

According to a regulatory filing, Musk, the Tesla CEO, sold the stock on Tuesday and Wednesday.

This came after Tesla’s stock price plunged amid investor fears that Musk might sell stock in the firm to help fund the all-cash acquisition of Twitter.

Musk said on Twitter late Thursday, after the filing with the US Securities and Exchange Commission was made public, that he had no plans to sell Tesla stock “after today.”

Tesla’s shares fell more than 12% on Tuesday after Musk’s takeover of Twitter was announced, the worst one-day decline since September 2020, as investors were concerned Musk would not have enough time to push the electric car industry as competition heats up.

After the social media firm’s board accepted his buyout offer on Tuesday, the carmaker’s stock market value plummeted by more than $125 billion.

Mr. Musk had stated that he would contribute $21 billion of his personal assets to help finance the $44 billion deal.

Elon Musk is ranked the world’s richest person with a net worth of about $250 billion, owing mostly to his Tesla shareholding.

He also owns more than 40% of the rocket company SpaceX, which is valued at more than $100 billion.