TWTR Twitter Inc

By Will Feuer

Tesla Inc. Chief Executive Elon Musk sold more than $4.5 billion in additional shares of the electric car company after agreeing to buy Twitter Inc. for $44 billion, according to security filings made public Friday.

The latest filings show Mr. Musk sold more than 5 million shares on Thursday. That was in addition to $4 billion in stock sales Mr. Musk disclosed late Thursday, bringing his total amount sold this week to about $8.5 billion.

Late Thursday evening, Mr. Musk said on Twitter: "No further TSLA sales planned after today."

After this week's sales, Mr. Musk's total stake in Tesla now stands at just under 163 million shares, worth roughly $146.88 billion.

Mr. Musk, Tesla's largest shareholder, has said he can come up with $21 billion in cash to finance the Twitter deal.

Mr. Musk's proposed funding plan also includes borrowing $12.5 billion in loans backed by more than $62.5 billion worth of Tesla shares that he owns. Tesla and several banks have put in place rules that would require him to put up more collateral if the company's share price falls.

Mr. Musk has a net worth of $252 billion, according to the Bloomberg Billionaires Index, making him the world's richest person. But much of his wealth is tied up in his companies, which include Tesla and Space Exploration Technologies Corp., or SpaceX. Mr. Musk, who is compensated in stock awards and doesn't accept a cash salary from Tesla, at times has described himself as cash poor.

As of last year, more than half of Mr. Musk's Tesla stock, about 88 million shares, was pledged as collateral to secure personal debt, an August regulatory filing showed.

Mr. Musk was for many years reluctant to part with Tesla stock. However, he sold more than $16 billion worth last year, much of it to pay taxes due on a large tranche of vested stock options he exercised before they would have expired this year.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 29, 2022 10:11 ET (14:11 GMT)

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