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Elon Musk has now cashed in $8.5 billion worth of Tesla stock this week after doubling an earlier sale, as he continues towards a takeover of Twitter

·1 min read
Elon Musk, Tesla CEO, attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany
Elon Musk.Patrick Pleul/AP
  • Elon Musk disclosed on Friday an additional sale of Tesla stock totaling $4.5 billion.

  • The move follows a $4 billion sale of his stock earlier in the week.

  • The sales come as Musk aims to close his Twitter takeover, which requires him to come up with billions of dollars of equity.

Elon Musk disclosed an additional sale of $4.5 billion of Tesla stock, bringing his total liquidation this week to $8.5 billion as he raises capital to buy Twitter for $44 billion.

The latest Tesla stock sale took place on Thursday and was revealed in a regulatory filing on Friday. It follows $4 billion in sales that occurred on Tuesday and Wednesday that were disclosed in a filing on Thursday.

After Thursday's disclosure, Musk tweeted that "no further Tesla sales planned after today," although shareholders were not yet fully aware of the additional transaction that was revealed the following day.

Tesla stock rose 3% to $904.54 on Friday but is down 10% for the week as Musk's Twitter takeover deal puts selling pressure on the EV company's shares, which account for the bulk of his wealth.

On Monday, Musk reached a deal to buy Twitter for $44 billion through a leveraged buyout. He has vowed to line up $21 billion in equity, Insider previously reported, with $13 billion more coming from debt and $12.5 billion from a margin loan on his stake in Tesla.

Twitter stock was up 0.85% at $49.52 on Friday, but remains well below Musk's takeover price of $54.20 a share.

Read the original article on Business Insider