Elon Musk sells $4 billion worth of Tesla stock, possibly for Twitter


DETROIT — Elon Musk has sold 4.4 million Tesla shares worth about $4 billion, most likely to help finance his acquisition of Twitter.

Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. Shares were recently sold at prices ranging from $872.02 to $999.13.

The richest man in the world, who is the CEO of Tesla, tweeted that he is not planning any further sales of the company’s shares.

Most of the sales took place on Tuesday, a massive one-day drop, with Tesla shares closing 12%.

Analysts said Tesla investors feared Musk would be distracted by Twitter and become less involved in running the electric car company. Twitter agreed to be acquired by Musk for $44 billion on Monday.

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