Elon Musk sold $8.4 billion worth of Tesla shares this week when he bought Twitter

Elon Musk sold about $8.4 billion worth of Tesla stock. After trying to take Twitter private, Securities and Exchange Commission documents show.

The Tesla and SpaceX CEO Elon Musk put about 4.4 million shares of his electric vehicle company on the market on Tuesday Also Wednesday. New documents on Friday showed the sale of another 5.2 million shares on Thursday.

The CEO’s first sale was made on Tuesday, the documents show. As a result, Tesla shares fell 12% on the day. Tesla shares were up about 2.5% on Friday.

After the document was published late Thursday, Musk wrote on Twitter: “No more sales from TSLA after today. He create the comments in response to an account heavily promoting Tesla and Musk’s stock also products on social networks.

CNBC reached out to Tesla and Musk to ask exactly how the proceeds would be used. And if any additional Tesla shares were sold after April 27, the filing deadline Thursday. They didn’t immediately respond to a demand for comment.

Musk offered to buy Twitter also make the social media company private for $54.20 per share, for about $44 billion. Musk has a total debt of $25.5 billion, including a $12.5 billion loan against his stake in Tesla.

Twitter accepted his offer earlier this week, but the deal still has to be approved by shareholders and regulators.

According to Tuesday’s regulatory announcement, Musk will have to pay Twitter a $1 billion shutdown fee. If he doesn’t receive enough funds to complete his deal to buy the social media business.

On the other hand, Twitter owes Musk a $1 billion breakup fee if it accepts a competing offer or if shareholders reject the deal, the same document states.