Elon Musk, CEO of Tesla Inc. (TSLA.O), sold $3. 95 billion worth of shares in the electric vehicle manufacture; according to regulatory filings, only days after finalizing the $44 billion acquisition of Twitter Inc.
According to an estimate, the most recent transaction increases Musk’s total stock sales since November of last year to around $36 billion. Leaving him with a 14% ownership in the most expensive carmaker in the world.
Although the richest man in the world has stated several times that he was finished selling Tesla stock, analysts had largely anticipated Musk to sell further Tesla shares to finance the Twitter transaction.
He made $20 billion in cash from numerous stake sales between November of last year and August by selling $6.9 billion worth of Tesla shares.
According to an estimate by Reuters, this would have left him in need of raising an extra $2 billion to $3 billion to finance the Twitter transaction. Since Musk’s offer for Twitter in April, the company’s market value has decreased by almost half.