Elon Musk sold about 9.6 million Tesla shares this week, worth about $8.5 billion, according to regulatory filings.
Musk still owns about 16% of the automaker.
According to TechCrunch’s calculations, the value of sales in disclosed filings was originally around $4 billion. Later documents showed that sales were more than double the original amount.
On Thursday, the executive tweeted, “No further sales of TSLA planned after today.”
The documents do not reveal why Musk sold his shares. something he is used to doing. The money could have been used for his recent controversial plans to buy social media platform Twitter, but the $9.6 billion is just a hole in the budget. The acquisition will cost $44 billion..
If Musk backs out of the deal, he’s on the hook for $1 billionin line with the Twitter termination fee, so at least that amount will be covered by those sales.
Update: The article has been updated to reflect further sales of Tesla shares. The original article stated that Musk had sold 4 million shares of Tesla. Later documents showed that he sold 9.6 million shares.
Credit: techcrunch.com /