Elon Musk, the CEO of Tesla Inc., has reportedly sold approximately 19.5 million shares of the company since reaching an agreement to buy Twitter for $44 billion, glamsquad reports.
According to the Securities and Exchange Commission filings, these shares are worth nearly $4 billion, according to The Verge.
According to the report, Musk has sold nearly $20 billion in the electric vehicle maker this year. All of this offloading was reportedly done to primarily finance the $44 billion Twitter deal.
Elon Musk sold a total of $15.4 billion in Tesla shares between April and August, with $8.4 billion in April and around $6.9 billion in August. However, after these sales, he stated that no further sales were planned.
Musk also tweeted about these sales, saying, “No further TSLA sales planned after today.”
His takeover of Twitter has also resulted in drastic measures such as the firing of nearly half of Twitter’s workforce and the imposition of a verification fee.
According to Reuters, Musk’s net worth fell below $200 billion on Tuesday as investors dumped Tesla stock on fears that the Chief Twit would become more preoccupied with Twitter. “Now Wall Street fears that Musk has stretched himself too thin at a time when the EV maker is ramping up production and facing rising competition,” the report says.
According to Forbes, Musk now has a net worth of $197.4 billion, with a large portion of that coming from his nearly 15% stake in Tesla, which has a market value of $622 billion.