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Elon Musk sold nearly $4 billion in Tesla Inc. stock this week, after reaching an agreement with Twitter Inc.’s board of directors to buy the company for $44 billion.
In a series of filings with the Securities and Exchange Commission released late Thursday, the CEO disclosed he sold about 4.4 million Tesla shares TSLA, -0.45% this week, for about $3.9 billion. Sale prices varied from $870 to $1,000 a share.
In a tweet late Thursday, Musk said “No further TSLA sales planned after today.”
Musk said he’d personally chip in about $21 billion, leading to speculation that he would sell another significant chunk of his Tesla stake. That sent Tesla stock sinking, approaching weekly losses of about 15%.
At the end of last year, Musk sold about 15.8 million Tesla shares, worth about $16 billion, as he divested 10% of his stake in the electric-vehicle company to help pay a reported $11 billion tax bill.
Tesla shares are down 17% year to date, but up 30% over the past 12 months, compared to the S&P 500’s SPX, +2.47% 10% decline and 2% gain over those spans.
Source: This post first appeared on http://marketwatch.com/