Musk sells $4B in Tesla shares, presumably for Twitter deal

DETROIT
April 29, 2022, 09:47 AM
by AP/UNB

UNB News
DETROIT
Publish- April 29, 2022, 09:47 AM
AP/UNB
Update- April 29, 2022, 08:36 PM

Musk sells $4B in Tesla shares, presumably for Twitter deal

FILE - Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. If Musk and Twitter get their way, the company will soon be privately held and under his control. The most obvious immediate change would likely be Twitter's stock being taken off the New York Stock Exchange. (AP Photo/Susan Walsh, File)

Elon Musk has sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter.

Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from $872.02 to $999.13.

The world’s richest man, who is the CEO of Tesla, tweeted that he doesn’t plan any further sales of the company’s shares.

Also read: Twitter abuse victims fear Musk’s plans, but may not quit

Most of the sales took place on Tuesday, a day when Tesla shares closed down 12%, a huge single-day drop.

Analysts said Tesla investors are fearful that Musk will be distracted by Twitter and less engaged in running the electric car company. Twitter agreed to be acquired by Musk on Monday for $44 billion.

Also read:What Musk’s past tweets reveal about Twitter’s next owner