Washington, April 29 (BUS): Elon Musk has sold 4.4 million shares of Tesla stock worth nearly $4 billion, likely to help fund his purchase of Twitter, according to the Associated Press.
Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. Shares have been selling over the past few days, with prices ranging between $872.02 and $999.13.
The world’s richest man, the CEO of Tesla, tweeted that he is not planning any further sales of the company’s stock.
Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a huge one-day drop.
Analysts said Tesla investors fear Musk will be distracted by Twitter and less involved in running the electric car company. Twitter agreed to buy Musk on Monday for $44 billion.
It looks like Musk will borrow up to $25.5 billion from a slew of banks to pay for the Twitter acquisition, but the stock sale could fund some of that.