Tesla CEO Elon Musk sold around 4.4 million shares of the company according to regulatory filings published on Thursday.
According to filings with the Securities and Exchange Commission published on Thursday, Elon Musk sold nearly $4 billion worth of Tesla shares after news of Twitter acquisition. As reported by Reuters. The sales are likely to finance his deal with the said social media platform.
In the said filing, Musk sold 4.4 million shares, equating to 2.6% of his stake in the company.
At an earlier date, Musk offered to buy Twitter for $54.20 per share—around $44 billion in total. And on Monday, Twitter accepted this deal. However, the deal still requires shareholder and regulatory approval.
According to another SEC filing, If Musk failed to secure enough funding to complete his deal, he will have to pay Twitter a termination fee of $1 billion. The same goes to Twitter that they will also have to pay Musk $1 billion if it accepts a competing offer, or if the shareholders reject the deal.