On April 30, Tesla’s filing with the U.S. Securities and Exchange Commission showed that Tesla CEO Elon Musk cashed out $8.5 billion(about 56.27 billion yuan) in company stock, possibly to fund his planned acquisition of personal social media platform Twitter.
Musk tweeted on Thursday, “No plans to sell Tesla stock after today”. The filings on Thursday and Friday show that Musk cashed out about 9.6 million shares this week, the equivalent of his Tesla holdings. 5.6%.
It is unclear whether Musk reported the full extent of his recent Tesla stock sale. Tesla did not immediately respond to a request for comment.
On Monday, Musk finalized a deal to buy Twitter for $44 billion in cash, which will change control of Twitter. Musk’s current net worth is reportedly $246 billion.
As part of the deal, Musk pledged to contribute $33.5 billion, including equity financing totaling about $21 billion.
It’s unclear how Musk raised theThe remaining $12.5 billionEquity financing. It is reported that Musk holds a 43.61% stake in the private space company SpaceX, which is currently valued at $100 billion.
Tesla shares have fallen about 20% since April 4, when Musk disclosed that he owns more than 9% of Twitter.
Musk has been looking for partners to reduce his stake in the Twitter deal, a person familiar with the matter said. It is far from certain whether such a partner exists, the person added.
Musk sold $16.4 billion worth of Tesla stock in November and December. Before that, Musk had tweeted asking if users should cash out 10% of Tesla stock.
Musk tweeted at the time that more than $11 billion in taxes would be due in 2021 as a result of exercising stock options that expired that year.
Some traders worry that Musk may pull out of the deal because he doesn’t have enough money to raise the $21 billion, affecting Twitter’s stock price.
As part of the Twitter financing deal, Musk will receive a $13 billion loan backed by Twitter and a $12.5 billion margin loan tied to Tesla stock.
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