BORVNNEWS-Billionaire Elon Musk sold $4 billion worth of Tesla stock in an attempt to buy back Twitter, according to filings from the Securities and Exchange Commission (SEC).
CNBC reported on April 26 and 27 that Elon Musk sold about 4.4 million Tesla shares at prices ranging from $870 to $1,000/share.
Most shares sold out on April 26. Tesla shares fell 12% the same day and gained less than 1% the next.
No further TSLA sales planned after today
Musk is Tesla's largest shareholder and owns about 17% of the company's shares, or 172 million shares.
According to the Wall Street Journal, Tesla CEO wants to raise $ 21 billion in cash to buy Twitter.
Musk is looking to buy Twitter and make it private for $54.20 per share. To complete the deal, the richest billionaire in the world had to spend up to $ 44 billion.
Earlier this week, Twitter accepted Elon Musk's offer, but the purchase deal still needs shareholder and regulatory approval.
The Tesla CEO will have to pay Twitter a fee of $ 1 billion if it does not secure enough financing to complete the acquisition agreement.
In return, Twitter will have to pay Elon Musk $ 1 billion if it accepts another offer, or if shareholders reject the deal.
According to Bloomberg, Elon Musk has a net worth of $252 billion and is currently the richest person in the world. But most of Mr. Musk's fortune is in companies, including Tesla and SpaceX.
Despite being CEO, Mr. Musk does not receive a cash salary at Tesla. Many times he identified himself as a cash-poor.
As of last year, more than half of Musk's Tesla shares (about 88 million shares) were pledged as collateral for personal loans.
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