BREAKING NEWS: Elon Musk sold $4 billion worth of Tesla stock when he bought Twitter, SEC filings show, with a huge sale blamed for the 20 percent plunge in the auto company’s share price
- Elon Musk sold 4.4 million Tesla shares worth nearly $4 billion
Elon Musk has sold 4.4 million Tesla shares worth nearly $4 billion, according to filings with the Security Exchange Commission.
The stock sale, conducted on Tuesday and Wednesday, saw the electric vehicle company’s stock plummet 20 percent, with Musk, the company’s CEO, simply tweeting on Thursday, “No further TSLA sales planned for today.”
The sale comes as Musk, the world’s richest man, advances his plan to buy Twitter for $44 billion.
Elon Musk (above) sold 4.4 million shares of Tesla stock valued at nearly $4 billion on Thursday
Tesla’s shares began falling Tuesday as Musk began dumping his shares
No further TSLA sales are planned after today
— Elon Musk (@elonmusk) April 29, 2022
According to SEC filings, Musk, who owned 17 percent of Tesla, made the sales at prices ranging from $870 to $1,000 per share.
Musk had pledged $12.5 billion of his Tesla ownership as collateral to buy Twitter, with his pledge to acquire the social media platform leading to an earlier drop in Tesla stock as investors feared that he would be too busy with his recent acquisition.
Tuesday’s 12 percent drop, as Musk began selling his shares, represented the biggest drop in Tesla shares since September 2020.
This story evolves.