Elon Musk sells at least $3.95 billion worth of Tesla shares after Twitter deal

Elon Musk sells at least $3.95 billion worth of Tesla shares after Twitter deal

Elon Musk sold $3.95 billion worth of shares in his electric car company after closing his $44 billion acquisition of Twitter. According to filings with the Securities and Exchange Commission, Musk sold 19.5 million shares of Tesla. In addition to pouring billions of his own capital into taking Twitter private, Musk relied on partners including equity investors Binance, Ron Baron's BAMCO, Andreessen Horowitz, Twitter's former CEO Jack Dorsey and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia, to finance the deal, or to roll their existing shares into his holding company for Twitter. On August 9, 2022, Musk told fans he was done selling shares to fund a possible Twitter take-private deal. He wrote, in a tweet, "In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock." At the time, Musk was still battling Twitter in court to try to get out of the deal -- which he proposed and agreed to in April. Since he has taken over Twitter, Musk has pulled dozens of Tesla engineers in to assist him at Twitter with code review and other work.