Elon Musk sells his stake in Tesla for $3.6 billion

Elon Musk, who fell to No. 1 on Bloomberg's list of the world's richest individuals this week, sold Tesla Inc. stock for the fourth time this year.

According to a filing late Wednesday in the United States, Tesla's CEO sold over 22 million shares of the electric-car company for $3.58 billion. The transactions took place between December 12 and December 14.

Tesla shares have dropped 55% this year as investors become increasingly concerned about Musk's $44 billion purchase of Twitter Inc., which adds to concerns about rising interest rates, which make cars more expensive for consumers, and demand issues in China, Tesla's second-largest market after the United States.

Musk, who is keen to increase engagement on the social media network he now controls, assaulted a former Twitter executive over the weekend and posted conspiracy theories that have concerned even his most ardent supporters.

Musk attempted to back out of the Twitter contract for months but was unsuccessful. He sold more than $15 billion in Tesla stock to fund the purchase, roughly $8.5 billion in April and then another $6.9 billion in August. After declaring that he was done selling, he sold another $3.95 billion of his investment in November.

Musk utilized borrowed funds that are now on Twitter's balance sheet to help finance the transaction. Twitter's debt load has risen to around $13 billion, up from $1.7 billion before the purchase, and includes different sorts of bonds that might be converted into shares.

Twitter now faces yearly interest payments of almost $1.2 billion, which may become even more expensive given that the interest rates on around half of that debt aren't locked in and will climb in tandem with the market.

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