Elon Musk sells Tesla shares for $6.9 billion

Tesla founder and CEO Elon Musk sold 7.9 million shares of the company worth $6.88 billion. informs CNBC, citing US Securities and Exchange Commission (SEC) data.

According to SEC filings, Musk sold the shares between Aug. 5 and Aug. 9, following Tesla’s Aug. 4 annual shareholder meeting.

According to Bloomberg, over the past 10 months, the businessman sold Tesla shares for a total of $ 32 billion. The previous time this happened at the end of April. Then it was about a block of shares of $ 8.4 billion. After that, Musk said that he no longer had plans to sell securities.

The situation with Twitter forced the owner of Tesla to change his mind. Businessman on the platform explainedthat he sold shares in case he still had to close the deal to buy the social network. “It’s important to avoid an emergency sale of Tesla shares,” Musk added. Asked by another user if the electric car maker’s CEO is going to buy back his shares if the deal doesn’t go through, Musk said yes.

At the end of April 2022, Elon Musk announced that he was buying a 100% stake in Twitter for $44 billion, but eventually backed out of the deal in early July. The businessman’s lawyers cited Twitter’s unwillingness to provide Musk with the necessary information and ignoring his requests as the reason for the breakup. In particular, it was noted that reports of fake accounts and spam on the platform were not shared with Elon Musk’s team, which is why the businessman was unable to assess the business potential of the site.

The corporation believes that Musk decided to exit the deal due to the fall in the value of Twitter shares since the decision to purchase the social network. On July 13, Twitter sued Musk to force the billionaire to complete the deal. Musk filed a counterclaim, asking the court not to disclose details of the document.

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