Musk Sells $4B In Tesla Stock, Claims No Further Sales

Fortune reports:

Elon Musk has been busy selling Tesla shares as he prepares to pay for his $44 billion Twitter bid, but he has no further stock sales planned, the billionaire said late Thursday.

In five separate Form 4 filings to the SEC published on Thursday, Musk revealed he has already unloaded a combined total of 4.41 million shares on Tuesday and Wednesday, collectively worth about $4 billion.

“No further Tesla sales planned after today,” he later posted to Twitter. The stake sale disappointed some Tesla bulls who had hoped Musk would find alternative methods to finance a deal viewed as an expensive and distracting vanity project that only the world’s richest human could possibly afford.

CNN Business reports:

As of June 30 of 2021, company filings show he already had pledged 88.3 million of his Tesla shares as collateral, but those shares were pledged years ago when Tesla shares were worth a small fraction of their current value.

He would likely be able to borrow more money even against some of those shares. And the estimated 79 million unpledged shares that he owns after Tuesday’s sales could be used to borrow $17 billion, even with the recent decline in Tesla share price.