Elon Musk Sells $4 Billion Worth of Tesla Stock to Fund Twitter Deal

Elon Musk sold billions of dollars’ worth of Tesla stock this week to help fund his $44 billion Twitter takeover, according to filings published late on Thursday. He offloaded roughly $4 billion worth of shares on Tuesday, the most recent day for which data was available. “No further TSLA sales planned after today,” the billionaire tweeted on Thursday evening, though it is possible he sold shares on Wednesday or Thursday that have not yet been disclosed. The shares he sold at an average of $903.58 went for more than $400 million less than they had been worth on Monday, when the Twitter deal was announced and Tesla closed at $998.02. Some of Musk’s acolytes expressed frustration online about the stock dump, pointing to a 2013 tweet about Tesla in which he said, “just as my money was the first in, it will be the last out.”

Read it at Bloomberg