Elon Musk is selling 20 million Tesla shares worth more than $3.5 billion.

Elon Musk’s latest sale of Tesla shares is reportedly related to Twitter and the billionaire investor’s need to meet certain credit obligations with which he financed the acquisition of the social media platform.

Elon Musk, the iconic chairman and CEO (CEO) of U.S. electric car maker Tesla, has sold an additional 20 million shares of the company’s stock, with the accumulated funds totaling more than $3.5 billion.

The Tesla stock sales were revealed in a regulatory filing with the U.S. Securities and Exchange Commission (SEC). The filing was released Wednesday.

It comes after it sold at least $4 billion worth of stock in November. As one of Tesla’s largest shareholders and the world’s richest man, Elon Musk has been systematically dumping Tesla stock this year, a move that has continued to anger the company’s investors.

Elon Musk’s stock sales may seem erratic, but research has shown that they are always well timed. Musk reneged on his promises to stop stock sales after April 28 of this year, but he made up to three more stock sales after making that statement to his supporters at the time.

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According to VerityData figures, Elon Musk has sold a total of 94,202,321 shares so far this year, at an average price of $243.46 per share, for pre-tax proceeds of about $22.93 billion.

So Tesla shareholders should pay attention to Musk’s actions, not his words – or lack thereof – regarding his recent sales“, said Ben Silverman, director of research at VerityData.

Despite the latest stock sale, Elon Musk still has a total of $66 billion in Tesla stock to his name. The company’s stock has been battered during the economic crisis we’ve seen so far this year. Since the beginning of the year, TSLA has lost about 60.8% of its value. The stock is on track to be the worst performer this year.

Tesla stock sale and Twitter link

Elon Musk’s latest Tesla stock sale is said to be linked to Twitter and the billionaire investor’s need to meet certain credit obligations with which he financed the acquisition of the social media platform.

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Tesla investors are growing increasingly concerned about Musk’s involvement with both companies, and especially about what seems to rub the automaker the wrong way in paying the social media company. Investors have asked Tesla to buy back some of the shares that are being dumped in order to cushion the stock’s free fall.

In response, Elon Musk said in the company’s third quarter earnings report that Tesla will launch the buyback program next year. According to him, the buyback will be between $5 billion and $10 billion.

Elon Musk’s stock selloff fueled a further plunge in the company’s share price, which fell 2.58 percent to $156.80 at Wednesday’s close. Shares fell another 2.82 percent to $152.38 in premarket trading.

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