Twitter shares fell 1.7 per cent Thursday in New York, closing at $US45.08. Musk offered $US54.20 per share in cash. Tesla shares declined 3.7 per cent. "I have moved straight to the end. It's a high price and your shareholders will love it. Elon Musk, Tesla founder Musk had 52 per cent of his Tesla shares pledged as of June 30, according to the company's most recent proxy filing. The maximum that can be borrowed against pledged shares is 25 per cent of their value, according to a Tesla policy. Since then, Musk has increased his share count by exercising options. His 172.6 million shares are worth $US170 billion ($US229.1), meaning he could theoretically borrow $US42.5 billion ($57.2 billion) by pledging all of them. Musk said in December 2019 that he had also pledged some of his SpaceX shares. His 47 per cent stake in the company is worth about $US47.5 billion ($64 billion), based on its October 2021 funding round.