After the Twitter agreement, Elon Musk sells over $4 billion worth of Tesla stock.

Elon Musk, the world’s richest man, has sold over $4 billion (£3.2 billion) worth of Tesla stock after sealing his $44 billion deal to buy control of Twitter.

According to a regulatory filing, Musk, the electric carmaker’s CEO, sold the stock on Tuesday and Wednesday.

The sales came after Tesla’s stock price plunged amid investor fears that Musk might sell stock in the firm to help fund the all-cash acquisition of Twitter.

Musk said on Twitter late Thursday, after the filing with the US Securities and Exchange Commission was made public, that he had no plans to sell Tesla stock “beyond today.”

Tesla’s shares fell more than 12% on Tuesday after Musk’s takeover of Twitter was announced, the worst one-day decline since September 2020, as investors concerned Musk would not have enough time to push the electric car industry as competition heats up.

After the social media firm’s board accepted his buyout offer on Tuesday, the carmaker’s stock market value plummeted by more than $125 billion.

Mr. Musk stated that he would contribute $21 billion of his personal assets to help finance the $44 billion deal.

Investors feared he would have to sell Tesla stock to help fund the buyout.

Mr Musk is the world’s richest individual, with a net worth of about $250 billion, thanks mostly to his Tesla shareholding.

He also owns more than 40% of the rocket company SpaceX, which is valued at more than $100 billion.

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