Elon Musk sold more than 4.4 million shares of electric car maker Tesla earlier this week for nearly $4 billion; according to a Securities and Exchange Commission document released late Thursday, the billionaire CEO announced his Twitter-approved purchase of Tesla.
The regulatory filing said that the sale took place Tuesday and Wednesday, with prices ranging from $872 to $999 per share.
Musk still owns more than 168 million Tesla shares.
Shortly after the sale was announced, Musk tweeted, “No TSLA sales are scheduled after today.
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LARGE NUMBER
$246.2 billion. That’s Musk’s net worth, according to Forbes. His stakes in Tesla and spacecraft maker SpaceX make up the bulk of his fortune.
KEY BACKGROUND
Twitter’s board of directors approved the sale of the company to Musk on Monday, ending a dramatic period that saw Musk’s purchase of 9.2% of Twitter and then an unsolicited bid to buy the entire $44 billion social media company began. The deal, which is still to be approved by Twitter shareholders, would require Musk to take some cash: The billionaire has offered to pay Twitter with $21 billion in equity financing and more than $20 billion in loans.
TANGENT
Tesla shares are down more than 12% this week to close at $877.51 on Thursday. Some analysts believe the drop in share price is linked to Musk’s commitment to buying Twitter, which could distract the Tesla CEO and force him to sell some of his stake in the company.