Elon Musk, the CEO of Tesla Inc, sold $4 billion worth of the electric vehicle maker’s stock on Thursday, according to US securities filings, likely to help fund his planned acquisition of Twitter Inc.
According to the documents, he sold 4.4 million shares, representing 2.6 percent of his holding in the company.
The sale comes after Musk said that he had agreed to buy Twitter for $44 billion in cash, a deal that will give the world’s richest person control of the social media network used by millions of people and world leaders. According to Forbes, Musk’s net worth is $268 billion.
Musk stated that he would contribute a $21 billion equity investment as part of the purchase.