Elon Musk Twitter deal: Billionaire sells Tesla shares, reportedly weighs cutting executive pay

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Elon Musk confirmed earlier this week that he plans to buy Twitter. And he may use proceeds from a stock sale involving one of his other companies to do it.

The billionaire sold 9.6 million shares of Tesla this week, valued at $8.5 billion, which would most likely go toward his $44 billion deal to buy Twitter.

Twitter also announced Monday that Elon Musk was going to buy the social media company. Once the deal closes, which is expected this year, Twitter will become a privately held company.

What happens next? Here’s the latest on Musk’s plan to buy Twitter.

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Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the platform where he promotes his interests, attacks critics and opines on social and economic issues to more than 83 million followers.

How many Tesla shares did Musk sell?

During a three-day period after the deal to acquire Twitter was announced, Musk sold 9.6 million shares valued at $8.5 billion, according to filings Friday with the Securities and Exchange Commission.

The trades were made at prices ranging from $822.68 to $999.13.

In a tweet Thursday night, Musk said there are “No further TSLA sales planned after today.”


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