Elon Musk sold 10 million Tesla shares worth about $ 8.4 billion on April 26 and April 27 in a bid to acquire Twitter .
The sales, which ranged in price from $ 872 to $ 999 per share, were the first by the Tesla chief since last year, with sales of $ 16.4 billion .
Most of the sales were on Tuesday, with Tesla shares falling 12% that day, but rising by less than one percentage point on Wednesday. The Tesla share price closed mostly stable at $ 877.51 on Thursday. Musk, who still owns about 162.8 million Tesla shares, wrote on Twitter that he had no plans to sell any more shares in the company.
Musk has bid to buy Twitter and turn it into a private company, offering $ 54.20 per share, for a total of about $ 44 billion. Twitter accepted the offer earlier this week, but the deal still requires approval from shareholders and regulators.
The Twitter deal allows Musk to bring in other investors, leaving him likely to commit to only a portion of the promised $ 21 billion investment. Despite discussions with private equity firms, however, it has not yet reached an agreement with other investors. Wall Street analysts and Tesla investors estimate that Musk may need to sell some of his shares in Tesla to cover the $ 21 billion equity of the deal he personally guarantees.
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