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Elon Musk raises money to take over Twitter. The businessman sold $ 8.4 billion worth of Tesla shares

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The CEO of Tesla and SpaceX sold about 4.4 million shares of his electric vehicle company on Tuesday and Wednesday.

New statements on Friday showed additional sales of 5.2 million shares on Thursday. The first sales of Tesla shares made by Musk were made on Tuesday, the documents show.

Tesla shares fell 12% that day. Tesla shares rose about 2.5% on Friday.

As the documents went public on Thursday night, Musk wrote on Twitter: “No further TESLA sales are planned after today.”

Musk has reached a $ 54.20-per-share Twitter takeover deal, or about $ 44 billion, with the intention of withdrawing the company from the stock market.

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To do so, Musk has secured $ 25.5 billion in fully committed debt, including $ 12.5 billion in loans secured by its Tesla shares.

Twitter accepted its offer earlier this week, but the agreement still requires the approval of shareholders and regulators. Musk is expected to pay Twitter a $ 1 billion termination fee if he fails to secure sufficient funding to complete his transaction, according to a regulatory document released Tuesday.

On the other hand, Twitter would owe Musk a $ 1 billion separation fee if it accepted a competing offer or if shareholders rejected the deal, according to the same document.

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