Musk sells $4 billion in Tesla stock, likely for Twitter deal 2022-04-28 22:31:10

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DETROIT (AP) — Elon Musk has sold 4.4 million shares of Tesla stock worth nearly $4 billion, likely to help fund his purchase of Twitter.

Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. Shares have been selling over the past few days, with prices ranging between $872.02 and $999.13.

The world’s richest man, the CEO of Tesla, tweeted that he is not planning any further sales of the company’s stock.

Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a big one-day drop.

Analysts said Tesla investors fear Musk will be distracted by Twitter and less involved in running the electric car company. Twitter agreed to buy Musk on Monday for $44 billion.

It looks like Musk will borrow up to $25.5 billion from a slew of banks to pay for the Twitter acquisition, but the stock sale could fund some of that.

A deal to buy Twitter at $54.20 per share was announced earlier this week and is expected to expire sometime this year. But before the deal is completed, the shareholders will have to have their say. The same applies to regulators in the United States and in countries where Twitter does business.

However, few obstacles are foreseen so far, despite objections from some Twitter employees and from users who worry about Musk’s stance on free speech and what that might mean for harassment and hate speech on the platform.

On Thursday, Tesla shares closed slightly lower at $877.51. They’re down 17% so far this year.

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