Musk sold $4 billion worth of shares over the course of two days.
VCG | Getty Images The sale of 4.4 million shares took place on April 26 and 27 just days after the company agreed to be taken private by a billionaire.
After the filings were made public, Musk said there would be no further sales of the company.
As Musk raises funds to complete his acquisition, the sale is happening.
I do not want my free speech to be actively managed.
According to Insider, Musk needed to raise $21 billion in equity to fund his takeover of Twitter. He will have debt and a margin loan with his shares as security, according to the report.
Musk's latest purchase is unnerving some of the company's shareholders. They are concerned that the billionaire will have to raise more money to pay off the debt if he can't make money on the site.
Since April 4, when Musk disclosed a 9.2% stake in the social media platform, the market value of the company has been decreasing. The share price of the electric carmaker fell 12% on April 26, the day Musk struck a deal to buy the micro-messaging service.
Before the public disclosures about Musk's offloading of his stake were made public, the shares of the company closed at $877.51 per share.
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