Tesla CEO Elon Musk sold $3.95 billion worth of shares in the electric car company within the last week, following his recent purchase of Twitter, The Associated Press reported.
Musk sold 19.5 million Tesla shares from Nov. 4 to Nov. 8, according to recent filings with the U.S. Securities and Exchange Commission. The billionaire has now sold more than $19 billion worth of stock in the company since April, when he first announced his plans to buy Twitter, according to the AP.
Musk took over Twitter late last month after finalizing his $44 billion acquisition of the social media platform. The takeover has been controversial, with Musk ousting the company’s previous leadership and laying off about half of its workforce.
The billionaire previously cited revenue losses as a reason for the staff slashing, claiming earlier this month that the company was hemorrhaging millions of dollars per day.
The new Twitter CEO has previously vowed to make the platform a virtual town square where free speech would be valued. He's also indicated that he's not in favor of permanent bans on the platform, raising questions about whether former President Trump will return to Twitter.
Musk announced changes to the social media platform’s functions, with new rules regulating content and Twitter verification set to become a paid subscription.