A Securities and Exchange Commission (SEC) report states that billionaire Elon Musk, the founder and CEO of Tesla, sold 19.5 million Tesla shares worth more than $3.95 billion.
Nevertheless, Musk, who refused to explain the reason for the sale, has resulted in Tesla shares plunging 2.93% in the past 24 hours and continued to decline further by 0.68%.
It was also explained that the billionaire has now successfully taken over the Twitter social media platform after being sued and forced to buy the platform's initial offer.
This follows because Musk did not keep his promise to buy Twitter at $44 billion equivalent to a price of $54.20 per share due to the platform having problems related to the bot issue.
While Musk was embroiled in a legal battle with Twitter, he is said to have sold Tesla shares in order to prepare if Twitter ordered him to honor the deal as well.
That streak, he immediately informed the Twitter board for the acquisition of the platform at the original price and continued his steps by firing the CEO, CFO and senior executives of the platform.
Although Twitter usage skyrocketed after the acquisition, Musk may have to consider other alternatives to raise funds as major companies such as United Airlines, Pfizer and Audi have pulled their ads from Twitter.
Meanwhile, Musk and Tesla are reported to have held large amounts of the cryptocurrency, but Tesla is selling its Bitcoin (BTC) holdings for cash following unfavorable macroeconomic conditions.
