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April 29 (UPI) -- Following Twitter's agreement to sell the social media company to billionaire Elon Musk, the Tesla and SpaceX CEO has sold around $4 billion -- or 4.4 million shares -- of Tesla stock at an average price of $903.58, Securities and Exchange Commission filings show. Musk sold most of the 2.6% of Tesla shares he owned outright on Tuesday, a total of 3.7 million, according to the filings.
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"No further TSLA sales planned after today," he tweeted on Thursday evening, and while the SEC filings do not reveal a reason for selling the shares, the funds could potentially go toward his bid to purchase Twitter.
The social media giant on Monday accepted the offer from its largest shareholder to purchase the company, which Musk set out to take private for $54.20 per share, in the $44 billion deal.
Musk's Tesla shares sale dropped the company's stock price value by 12.2% on Tuesday, its largest one-day drop since September 2020, but no significant changes were observed Wednesday and Thursday, with Tesla stock up by 3% in premarket trading on Friday.
Tuesday's regulatory filing shows that Musk would have to pay a $1 billion termination fee if he's unable to secure enough funding to buy Twitter, and Twitter would owe Musk $1 billion if either shareholders reject the deal or the company goes with a competing offer.
Musk has so far secured around $25 billion in loans from financial institutions including Morgan Stanley Senior Funding.
