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Tesla CEO Elon Musk has sold more than $8 billion worth of the electric car company’s stock in the days since Twitter accepted his bid to to buy the social media platform.

The selling spree kicked off earlier this week, when the SpaceX founder offloaded some 4.4 million Tesla shares, according to filings he made with the Securities and Exchange Commission on Thursday. Of those, about 3.7 million were sold on Tuesday while Musk shed another 700,000 shares on Wednesday at an average price of $903.58.


According to new filings obtained by CNBC on Friday, Musk sold another 5.2 million of the electric automaker’s shares on Thursday.

“No more TSLA sales planned after today,” he wrote in a tweet amid reports on the filings.


While the SEC documents do not disclose the reason the 50-year-old billionaire decided to sell, it seems he is raising funds to complete his Twitter acquisition.

The world’s richest man put in a bid to buy the social media company and take it private for $54.20 per share, which adds up to around $44 billion. Twitter earlier this week accepted the deal, which also requires Musk to come up with about $21 billion in cash.

According to the press release regarding the deal, Musk “has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment.”

According to the Bloomberg Billionaire index, Musk has an estimated net worth of a net worth of $252 billion, though much of his wealth is tied up in his companies.

Source: nydailynews

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