Tech

Elon Musk sold $8.5B in Tesla stock after agreeing to $44B Twitter deal

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SpaceX CEO Elon Musk standing with his arms crossed.

Enlarge / CEO Elon Musk at SpaceX Headquarters in Hawthorne, California, on October 10, 2019. (credit: Getty Images | NurPhoto)

Elon Musk has raised $8.5 billion from selling part of his stake in Tesla, boosting his cash position ahead of his planned purchase of Twitter.

The sales were made between Tuesday and Thursday, after Twitter’s board agreed to Musk’s $44 billion all-cash takeover approach.

The electric car maker’s share price slumped in the wake of news of the deal, with the drop blamed on concerns about potential share sales by Musk to finance the acquisition, though it also came amid a sharp fall in the wider stock market.

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