Elon Musk sold roughly $8.4 billion worth of Tesla shares in the days following his bid to take Twitter private.
The Tesla and SpaceX CEO offloaded about 4.4 million shares of his electric vehicle company in trades on Tuesday and Wednesday. New filings on Friday showed sales of an additional 5.2 million shares on Thursday.
The first of the CEO’s sales were made on Tuesday, the filings showed. Tesla shares fell 12% that day. Shares of Tesla were up about 2.5% on Friday.
As the filings became public on Thursday night, Musk wrote on Twitter, “No further TSLA sales planned after today.” He made the remark in response to an account that heavily promotes Tesla stock, products and Musk on the social network.
Musk is bidding to buy Twitter and take the social media company private for $54.20 per share, around $44 billion total. In order to do so, Musk secured $25.5 billion of fully committed debt, including $12.5 billion in loans against his Tesla stock.
Twitter accepted his offer earlier this week, but the deal still requires shareholder and regulatory approval.