Elon Musk’s acquisition of Twitter has made headlines for the previous two weeks and continues to take action within the context of the US midterm elections.

However an fascinating improvement went virtually unnoticed, specifically the truth that Elon Musk offered $3.95 billion price of Tesla shares days after he accomplished his buy of the social media platform for $44 billion.

In accordance with regulatory filings printed by the US Securities and Alternate Fee (SEC) and picked up by Reuters, Musk unloaded 19.5 million shares between October 4–October 8, however the function of the sale was not disclosed.

The most recent inventory sale has confirmed analysts’ expectations that Musk would promote extra Tesla shares to finance the Twitter deal. Again in April, after Musk offered $8.5 billion of Tesla shares, he had stated on Twitter that there have been no additional gross sales deliberate.

Nevertheless, he went on to promote one other $6.9 billion price of Tesla shares in August, motivating that he wanted the cash to pay for the acquisition of the social media platform. On the time, he once more stated that he was executed promoting Tesla inventory.

In accordance with a Reuters calculation, Musk had about $20 billion in money after promoting part of his stake in Tesla, together with the gross sales made final yr. Regardless of that, he would nonetheless have needed to elevate an extra $2 billion to $3 billion to finance the takeover. That is in all probability why he offered shares price $3.95 billion earlier this month, though that is unconfirmed for now.

The billionaire pledged to offer $46.5 billion in fairness and debt financing for the acquisition of Twitter to cowl the $44 billion price ticket and the closing prices. Banks, together with Morgan Stanley and Financial institution of America Corp, commited to offer $13 billion in debt financing.

Musk’s $33.5 billion fairness dedication included his 9.6 % Twitter stake, which is price $4 billion, and the $7.1 billion he had secured from fairness traders, together with Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal.

After taking up Twitter final month, Musk adopted drastic measures together with shedding half the employees and placing ahead a plan to cost customers $8 per thirty days for blue verify verification marks. The world’s richest man stated he had “no selection” however to chop Twitter’s workforce because the social media platform is shedding greater than $4 million a day.