Elon Musk Sells $8.5 Billion , Worth of Tesla Shares.
Elon Musk Sells $8.5 Billion , Worth of Tesla Shares.
CNN reports that three days after Twitter agreed to sell the company to Musk, he sold a hefty amount of Tesla stock.
On April 26, he sold 3.7 million shares for $3.3 billion.
The following day, he sold another 735,000 shares for $654 million.
On the morning of April 29, Musk revealed he sold another 5.2 million shares for $4.5 billion.
The average price he received per share was $883.09.
While Musk didn't disclose a reason for selling his shares, it's likely part of his funding to buy Twitter.
CNN reports that Musk's money moves were significant enough to lower Tesla's stock price by 12% on April 26.
The decline prompted other investors to unload shares as well.
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On April 28, Musk took to Twitter to let everyone know if he would be selling additional shares.
As of April 29, Tesla stock was up 5% in morning trading.
