Elon Musk sold roughly $4 billion worth of Tesla shares within the days following his bid to take Twitter personal, in accordance to filings with the Securities and Trade Fee.
In a flurry of trades executed Tuesday and Wednesday, the Tesla and SpaceX CEO offloaded about 4.4 million shares of his electrical car firm.
The majority of the CEO’s gross sales have been made on Tuesday, the filings confirmed. Tesla shares fell 12% that day, however edged increased on Wednesday by lower than one share level.
Because the filings turned public, Musk wrote on Twitter, “No further TSLA sales planned after today.” He made the comment in response to an account that closely promotes Tesla inventory, merchandise and Musk on the social community.
CNBC reached out to Tesla and Musk to ask precisely how he plans to use the proceeds, and whether or not he sold extra Tesla shares after April 27, the newest date on the filings out Thursday. They didn’t instantly reply to a request for remark.
Musk is bidding to buy Twitter and take the social media firm personal for $54.20 per share, around $44 billion complete. So as to accomplish that, Musk secured $25.5 billion of absolutely dedicated debt, together with $12.5 billion in loans in opposition to his Tesla inventory.
Twitter accepted his provide earlier this week, however the deal nonetheless requires shareholder and regulatory approval.
Musk would have to pay Twitter a termination price of $1 billion if he fails to safe sufficient funding to full his deal to buy the social media enterprise, in accordance to a regulatory submitting out Tuesday.
Then again, Twitter would owe Musk a $1 billion break-up price if it accepts a competing provide, or if shareholders reject the deal, according to the same filing.
— CNBC’s Lauren Feiner contributed to this report.
