U.S. markets closed
  • S&P 500

    4,071.70
    -4.87 (-0.12%)
     
  • Dow 30

    34,429.88
    +34.87 (+0.10%)
     
  • Nasdaq

    11,461.50
    -20.95 (-0.18%)
     
  • Russell 2000

    1,892.84
    +11.16 (+0.59%)
     
  • Crude Oil

    80.34
    -0.88 (-1.08%)
     
  • Gold

    1,811.40
    -3.80 (-0.21%)
     
  • Silver

    23.17
    +0.53 (+2.33%)
     
  • EUR/USD

    1.0531
    +0.0002 (+0.02%)
     
  • 10-Yr Bond

    3.5060
    -0.0230 (-0.65%)
     
  • GBP/USD

    1.2296
    +0.0040 (+0.33%)
     
  • USD/JPY

    134.2710
    -1.0350 (-0.76%)
     
  • BTC-USD

    17,070.48
    +105.23 (+0.62%)
     
  • CMC Crypto 200

    404.33
    +2.91 (+0.72%)
     
  • FTSE 100

    7,556.23
    -2.26 (-0.03%)
     
  • Nikkei 225

    27,777.90
    -448.18 (-1.59%)
     

Musk sells $8.5 billion worth of Tesla shares

Elon Musk sold around 9.6 million shares of Tesla stock this week, worth about $8.5 billion, according to regulatory filings.

Musk still holds about 16% of the automaker.

The value of the sales in the filings disclosed were initially around $4 billion, per TechCrunch calculations. Later filings showed sales more than double that initial amount.

The executive said in a tweet on Thursday: "No further TSLA sales planned after today."

The filings don't reveal why Musk sold his shares, something he's been wont to do. The money could possibly go toward his recent controversial plans to purchase social media platform Twitter; however, $9.6 billion makes just a dent in the $44 billion the acquisition will cost.

If Musk backs out of the deal, he's on the hook for $1 billion, per the termination fee of the deal with Twitter, so at least that amount would be covered by these sales.

Updated: The article was updated to reflect further sales of Tesla shares. The initial article stated Musk had sold 4 million shares of Tesla stock. Later filings showed he sold 9.6 million shares.