Tesla stock valued at $3.95 billion is sold by Elon Musk.
Elon Musk, the CEO of Tesla and the new owner of Twitter, has reportedly sold roughly $4 billion worth of Tesla stock.
According to documents filed with the Securities and Exchange Commission on Tuesday, Musk, who paid $44 billion for Twitter, sold 19.5 million shares of the electric vehicle
manufacturer between November 4 and November 8.In August, he sold $7 billion of his Tesla stock to raise money for the Twitter acquisition he was attempting to avoid at the time.
According to Tuesday's papers, Musk has sold more than $19 billion worth of Tesla stock overall since April, likely to pay for his half of the Twitter acquisition.
Tesla Inc. stock is where the majority of Musk's fortune is invested. According to Forbes, his personal net worth fell below $200 billion on Tuesday, although he is still
the richest man in the world.Morgan Stanley was one of the institutions that Musk had arranged for to help fund the Twitter transaction. Wedbush Analyst Dan Ives calculated that
his initial portion of the deal was at $15.5 billion. However, Musk would be responsible for replacing them or contributing more of his own money if equity investors pulled out.
Shares of Tesla finished at $191.30, down $5.78, or 2.9%. Since the beginning of the year, the stock has lost 52% of its value.
The S&P 500 index, in contrast, has lost approximately 20% of its value so far this year.