An image of new Twitter owner Elon Musk is seen surrounded by Twitter logos in this photo illustration in Warsaw, Poland on November 08, 2022.

STR | Nurphoto | Getty Images

Elon Musk has sold at least another $3.95 billion worth of shares in his electric car company Tesla after completing its $44 billion acquisition of Twitter.

According to Securities and Exchange Commission filings released Tuesday, Musk sold another 19.5 million Tesla shares.

Musk sold nearly $22 billion worth of Tesla stock in 2021, a year when the stock jumped more than 50%. This year, he sold more than $8 billion worth of stock in April and roughly $7 billion in August.

In addition to pouring billions of his own capital into taking Twitter private, the Tesla CEO is counting on partners including equity investors Binance, Ron Baron’s BAMCO, Andreessen Horowitz, former Twitter CEO Jack Dorsey and Prince Alwaleed bin Talal bin Abdulaziz of Saudi Arabia to finance the deal or transfer their existing shares in their Twitter holding company.

As NBC News previously reported, Sen. Chris Murphy (D-Conn) called for an investigation into the National Security fallout from Saudi Arabia’s Twitter case after Musk’s private deal.

On August 9, Musk told fans that he was done selling Tesla stock to fund a possible acquisition of Twitter. He tweeted: “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t materialize, it’s important to avoid an emergency sale of Tesla stock.”

At the time, Musk was still battling the social media company in court to try to get out of the deal — which he proposed and agreed to in April.

After the purchase closed, Musk brought dozens of Tesla engineers to Twitter to help him with code review and other work.

Compared to the Nasdaq Composite, which is down about 33% year to date, Tesla shares are down 46%, wiping out much of Musk’s fortune. However, he is still the richest person in the world with a net worth of nearly $200 billion, according to Forbes.

At a conference call last week, Musk told hedge fund manager Ron Baron that his “workload has gone from about, I don’t know, 78 hours a week to probably 120.”

Musk, who is also the CEO of SpaceX, said on stage that “once Twitter is headed in the right direction, I think it’s a lot easier to run” than his other companies. Musk has not said who Twitter’s new CEO will be, but he suggested that his role as “Chief Tweeter” and sole director at the company is only temporary.

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https://www.cnbc.com/2022/11/08/elon-musk-sells-at-least-3point95-billion-worth-of-tesla-shares.html

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