Elon Musk has sold almost $4 billion worth of Tesla shares as part of raising the $21 billion in equity for the Twitter deal.
Elon Musk’s bid to acquire Twitter is going through after the company’s board of directors unanimously approved the deal.
An SEC filing showed late Thursday that the selling took place on Tuesday & Wednesday.
Investors were already wary of the possibility of Musk offloading a significant amount of Tesla shares since most of his wealth is tied up in TSLA. Musk kind of promised investors that “no further Tesla sales planned after today” in a tweet.
However, the tweet was posted on Thursday, implying that Musk could have sold additional shares that day (they’d have to be reported later today, Friday).
Why this matters
Sell-offs of this size inevitably lead to the stock’s price dropping. On April 26, 2022, TSLA was down more than 12%.