He is still the owner of around 16 percent of Tesla which is worth around $115 billion.
Elon Musk's plan to renounce its purchase of Twitter could make him the world's most wealthy person.
Millions of dollars in cash from the sale of Tesla shares, which are currently on the shelves of the Tesla bank.'
Elon Musk has ripped up his agreement from April 25 to purchase the social media company.
The two sides will have to face an ongoing legal battle that could end up costing Musk hundreds of millions.
Elon Musk for now appears to be sitting on about $8.5 billion cash he has gotten through the sale of Automaker shares in the last few days.
Elon Musk sold 9.6 million Tesla shares for an average cost of 885 dollars per share.
A purchase by Twitter could be an opportunity for Musk as Tesla is facing growing concerns.
CEO stock sales typically create anxiety for investors.
The Twitter deal offered an acceptable reason for Musk to decrease his enormous stake.
Musk has cited the imminent expiration of options as well as tax payments in the sale of more than $16 billion worth of Tesla shares.
The stock has plummeted 19%, as it along with other growth stocks being hit by fears of inflation from investors.
Musk has not yet sold the Tesla shares and they'd be worth $1.6 billion more.
He owns around 16 percent of Tesla valued at around $115 billion.
Musk hasn't performed the same in his Twitter shares he purchased prior to the announcement that he was going to buy.
Musk bought the 73 million Twitter shares for $2.64 billion from January through April.