Elon Musk sells $4.8 billion worth of Tesla shares
CNN
Tesla CEO Elon Musk sold $4.8 billion worth of the electric automaker's stock on Tuesday, the day after the Twitter board agreed to sell the company to him in a deal valuing the social media platform at $44 billion.
Musk sold 5.3 million shares of Tesla stock for an average price of $905.30, according to filings he made with the Securities and Exchange Commission Thursday. The sales represent only 3.1% of the Tesla shares he held outright at the start of the day Tuesday, and just less than 2% of his total holdings of Tesla if stock options he controls are included.
The filings do not disclose the reason for the sale but it appears to be to raise funds to make his planned purchase of Twitter and take the company private. In a tweet later Thursday evening, Musk answered a question about the stock sale with the remark, "No further TSLA sales planned after today." But it wasn't clear if that meant that there would be no further sales after the sales he reported taking place on Tuesday, or whether or perhaps that there were additional sales that took place Wednesday and Thursday which he has yet to report.
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