Tesla CEO Elon Musk sold 7.92 million shares of the company, worth about $6.88 billion, according to CNBC citing regulatory filings released Tuesday.
The transactions took place between Aug. 5 and Aug. 9, regulatory filings reveal, following Tesla’s annual shareholder meeting on Aug. 4.
Earlier this year, the CEO of Tesla and SpaceX said on social media that he had “no further Tesla sales planned” after April 28.
That week, regulatory filings revealed that Musk had sold a stake in the company worth about $8.4 billion.
Musk is reportedly in the middle of a legal dispute with Twitter, the social media giant he agreed to acquire in April for about $44 billion, or $54.20 per share.
Amid an overall market decline, the companies’ shares fell after this report.
On July 8, Musk said he was ending the deal, accusing Twitter of not giving him all the information he needed to proceed with the acquisition and not being properly informed about the number of bots, spam and fake accounts on the platform.
Twitter in turn has filed a lawsuit to ensure that the deal with Musk goes ahead at the agreed price, which would bring significant profits to many of the company’s shareholders.
On Tuesday, after Musk’s latest stock sales were revealed, Tesla supporters asked the CEO if he was done selling shares in the company and if he might buy back shares in the future.
Asked if he was done selling Tesla stock, Musk said: “Yes. I hope in the (unlikely) event that Twitter does force this deal to go forward and some partners don’t make it, it’s important to avoid an emergency sale of Tesla stock.” “.
Musk did not specify which partners he fears will abandon their plans to finance the Twitter acquisition.
By early May, Musk had raised funding from 19 different partners, including Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Qatari Holding, Sequoia, DFJ, Vy Capital and cryptocurrency exchange Binance.
He also said that he will buy back some of his shares if he does not have to proceed with the acquisition of Twitter.
If the deal with Twitter doesn’t go through, he will consider creating his own social platform, X.com, Musk added.
Tesla’s stock closed at $850, down just over 2% on Tuesday, before Musk’s sales of nearly $7 billion were made public.
Source: Capital
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