New Delhi: Tesla Chief Executive Officer (CEO) Elon Musk has roughly sold 4.4 million shares of the electric vehicle maker stock, which worth about $4 billion for funding his Twitter acquisition, according to a report by the PTI.
In a filing with the US Securities and Exchange Commission (SEC) on Thursday, Musk reported that the shares were sold over the past few days at prices ranging from $872.02 to $999.13.
Early this week, the board of Twitter agreed to the acquisition offer by Musk on Monday for $44 billion. However, the deal still requires shareholders’ and regulatory approval and the acquisition process is expected to close by the end of this year.
On the other hand, according to the filing, Twitter would be paying Musk a $1 billion break-up fee if it accepts a competing offer, or if shareholders reject the deal.
Musk (50), who is the world's richest man, tweeted that he doesn't plan any more sales of shares of the company.
According to the report, most of the sales took place on Tuesday, a day when Tesla shares closed down 12 per cent, a huge single-day drop.
According to analysts, investors of Tesla are under the apprehension that Elon Musk will be distracted by Twitter and will engage less time in running the electric car company.
Musk had said earlier that he plans to take Twitter private. If it materialises, the micro-blogging platform will no longer be beholden to shareholders or publicly report its financial results, which have been mixed at best since the company went public in 2013.