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Elon Musk sold 7.92 million Tesla shares worth $6.88 billion

Elon Musk sold 7.92 million Tesla shares worth $6.88 billion
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NEW YORK, NEW YORK – MAY 02: Elon Musk attends the 2022 Met Gala in celebration of “In America: An Anthology of Fashion” at the Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for the Met Museum/Enjoyment)

Dimitrios Kambouris Getty Images Entertainment | Getty Images

Tesla CEO Elon Musk sold 7.92 million shares of Tesla worth about $6.88 billion, according to multiple financial filings released Tuesday night.

Its transactions occurred between Aug. 5 and 9, SEC filings reveal, after Tesla’s 2022 Annual shareholders meeting August 4 in Austin, Texas.

Earlier this year, the Tesla and SpaceX CEO said on social media that he was “No further TSLA sales planned” After 28 April.

That week, the SEC Filing Prakash Kasturi was a sellout His block of shares in the electric car maker is worth approx About $8.4 billion.

The centi-billionaire is in the middle of a contentious legal battle with Twitter, the social networking giant that he agreed to acquire in April for about $44 billion, or $54.20 per share.

Read more about electric vehicles from CNBC Pro

Amid the overall market decline, Twitter’s share price and Tesla’s share price fell after that.

By July 8, Musk said on Twitter that he was terminating the deal. He accused Twitter of failing to give him all the information he needed to move forward with the acquisition and reduce the number of bots, spam and fake accounts on its platform.

Twitter Musk sued to confirm the deal For the promised value, that would represent a loss for many of its shareholders.

On Tuesday, after Musk’s latest stock sale was revealed, Tesla fans and campaigners asked the celebrity CEO if he had sold shares in the electric vehicle business and whether he would buy shares in the future.

Asked if he had finished selling Tesla shares, Musk replied: “Yes. (Not expected) In the event that Twitter closes the deal and some equity partners don’t come forward, it’s important to avoid an emergency sale of Tesla stock.”

Musk did not specify which equity partners he fears will abandon plans to finance the Twitter tech-private transaction.

He also said he would Buy back some of his shares If he doesn’t have to go through with the Twitter acquisition.

He’ll consider if the Twitter deal isn’t there of his own making social platforms, X.comI have added.

Tesla shares were trading nearly flat after hours on the news. Shares of Tesla closed at $850, down just 2% for the day Tuesday, before an SEC filing revealed Musk’s insider sales valued at nearly $7 billion.

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