In the three days after Elon Musk engineered a deal to buy Twitter, he sold roughly $8.5 billion worth of shares in Tesla to help fund the purchase.
Musk reported the sale of 9.6 million shares in filings with the Securities and Exchange Commission on Thursday and Friday. The trades were made at prices ranging from $822.68 to $999.13 a share.
Kevin Kaiser, a finance professor at the Wharton School at the University of Pennsylvania, said Musk's share sale means it is more likely that the Twitter deal will close because it indicates Musk intends to come up with the money. On Tuesday, Tesla shares closed down 12%, the biggest single-day drop since Sept. 8, 2020. On Friday, shares of Tesla Inc., which is based in Austin, Texas, were going for around $884.
“It makes sense to sell shares before people are expecting it to happen so that his selling doesn’t put unusual short-term downward pressure on the price” of Tesla's stock, Kaiser said.
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