(Financial Times) Tesla Chief Executive Elon Musk generated $8.5 billion from the sale of part of his stake in the company, following an agreement to take over social media giant Twitter in a $44-billion deal.
Regulatory filings indicate that Musk sold $4.5-billion worth of his stake late were released Thursday, with Musk taking to Twitter to say that no further sales were planned. The rest of the filings were published early Friday.
The transactions involve some 9.7 million shares, sold between $822 to $999 apiece. These were the first made by Musk after the sales he made late in 2021 when he generated over $16 billion.
The share sales come after Twitter’s management agreed to Musk’s unsolicited proposal to fully acquire Twitter for $44 billion in an all-cash transaction. He earlier committed to putting up a part of the Tesla stake as security for a $12.5-billion loan to finance the transaction.
Under the agreement, Musk committed to raising about $21 billion in cash, but this is not expected to be finalized for another six months.
TSLA is up 4.47%, while TWTR is up 1.26%.
