In a move that could irritate already frustrated shareholders in the electric vehicle group, Musk has sold another part of his stake in the company.
The billionaire, who took over the social media company in October, has sold more than $23 billion of his shares.
There will be no more TSLA sales to support the deal.
There was a sell-off of 22 million shares in the electric vehicle group.
There was no explanation for the sale. Musk was not reachable for comment on Wednesday.
He arranged to finance the purchase with $12.7 billion of bank debt and also announced $7 billion of equity commitments from other investors, implying he would be on the hook for more than $24 billion of the purchase price.
Musk warned against debt in turbulent macroeconomic conditions, especially when the Fed raises rates.
The sale came at a time when investors were frustrated with the future of the company under the leadership of the CEO.
AdvertisementSince the beginning of the year, the share price of the company has fallen by 61 percent.
A major shareholder of the company wrote on the social networking site that the CEO of the company had left and that there was no working CEO.
He asked if we were merely Elon's stupid bag holders. An executioner like Tim Cook is required.
Elon abandoned Tesla and Tesla has no working CEOTesla needs and deserves to have working full time CEO
What Tesla BOD should do, do nothing? Elon will find his own successor under BOD independent supervision https://t.co/AJSvij9ncP
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