Tesla’s CEO Elon Musk has been selling off shares of the automaker throughout this week, with the most recent sale taking place on Thursday.
Elon Musk sold $4.4 billion shares of Tesla on Thursday, following his successful bid to take Twitter private, according to CNBC.
The Thursday selloff, as shown in filings published on Friday, marked around 5.2 million additional shares, after Musk offloaded around 4.4 million shares earlier in the week.
In a tweet following the sale on Thursday, @Musk wrote, “No further TSLA sales planned after today.”
No further TSLA sales planned after today
— Elon Musk (@elonmusk) April 29, 2022
Throughout the week, Musk sold shares valued at about $8.4 billion, and Tesla’s shares were up about 2.5 percent on Friday after falling around 12 percent on Tuesday.
Tesla and Musk did not respond immediately to questions from CNBC on how the automaker and billionaire would use the money from the sales.
On Monday, Twitter officially sold to Musk at a price of $44 billion at $54.20 per share.
If Musk were to fail to secure funding to complete the deal, he’ll be fined $1 billion according to the stipulations of the contract.
On the other hand, Twitter could be subject to a $1 billion break-up fee with Musk if it were to accept a competing offer.
Simultaneously, a judge denied Musk’s request to end oversight of his Twitter by the Securities and Exchange Commission (SEC) earlier this week.
