The latest sale dump comes as analysts had widely expected Musk to sell additional Tesla shares to finance the Twitter deal.
Musk, the world's richest man, had asserted in April he was done selling Tesla stock. Still, he went on to sell another $6.9 billion worth Tesla shares in August and said the sale was conducted to pay for the social media platform. Musk, the world's richest man, had about $20 billion in cash after selling a part of his stake in Tesla, including the sales made last year. This would have required him to raise an additional $2 billion to $3 billion to finance the takeover, according to a Reuters calculation.
Tesla has lost nearly half its market value and Musk's net worth slumped by $70 billion ever since he bid for Twitter in April.Musk took over Twitter last month and has engaged in drastic measures including sacking half the staff and a plan to charge for blue check verification marks.