Tesla Inc. Chief Executive Officer Elon Musk has sold 19.5 million shares of the electric vehicle maker on Tuesday for at least $3.95 billion, according to U.S. securities filings, just days after completing his $44 billion buyout of Twitter.
Musk, the world’s richest man, sold about $22 billion in Tesla stock in 2021, a year when the stock increased by more than 50%. The total value of the shares he sold between April and August this year was nearly $8 billion and $7 billion, respectively.
Since Musk’s failed bid to acquire Twitter in April, Tesla’s stock price has dropped by nearly half, and his net worth has dropped by $70 billion.
Musk recently acquired Twitter in a $44 billion deal and has taken harsh measures, including firing half the workers and proposing to charge for blue check verification marks.
Musk promised $46.5 billion in equity and loan finance for the acquisition, which would cover the $44 billion purchase price and closing costs. Loans totaling $13 billion have been pledged by a number of financial institutions, including Morgan Stanley and Bank of America.