Elon Musk sells $3.95 billion worth of Tesla (TSLA) shares

Just days after completing the Twitter takeover, Tesla (NASDAQ: TSLA) CEO Elon Musk sold nearly $4 billion worth of the company’s shares, the filings with the U.S. Securities and Exchange Commission (SEC) showed.

Musk was selling Tesla shares between Friday and Tuesday. He sold about 19.5 million shares of the electric vehicle (EV) giant, leaving him with an estimated stake of about 14%. The billionaire had sold nearly $22 billion worth of Tesla shares last year.

The latest round of selling wasn’t unexpected as analysts were anticipating that the billionaire investment would be forced to sell some Tesla shares to finance the $44 billion takeover of the social media company.

Prior to November, Musk sold nearly $7 billion worth of Tesla shares in August, as well as over $8 billion worth of stock in April, to help finance the deal.

Tesla shares are down over 40% since Musk made an offer to take Twitter private. Shares of the EV company are down nearly 1% in pre-open Wednesday on the news.

By Senad Karaahmetovic

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