Musk Offloaded $6.9billion Tesla shares

KEY POINTS

  • Elon Musk offloaded $6.9 billion worth of stock in Tesla Inc., according to regulatory filings Tuesday.
  • Musk cited a potential Twitter deal if he loses a legal battle with the social media platform.
  • Musk has now dumped about $32 billion worth of Tesla shares since November.
Musk offloaded $6.9Billion Tesla
Source: https://pixabay.com

Aug 10, 2022- United States. Elon Musk offloaded $6.9 billion worth of stock in Tesla Inc., according to regulatory filings Tuesday. This is the first time he has sold stock in the electric carmaker since dropping his bid to acquire Twitter Inc.

Musk cited a potential Twitter deal if he loses a legal battle with the social media platform. “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” he said in a tweet late on Tuesday.

On 10th Aug at 9.50 Am (GMT-4), the share price of Twitter Inc marked a 3.27% rise to $44.23. This is compared to the previous day’s closing. At the same time, Tesla’s share price also increased for the day by 1.48% to $862.57. The shares of Twitter are still trading significantly below Musk’s offer price of $54.20 per share.

About $32 billion worth of Tesla shares were offloaded since November

Musk has now dumped about $32 billion worth of Tesla shares since November. The world’s richest person said less than four months ago he had no further stock sales planned. He has attempted since then to terminate his $44 billion acquisition plan of Twitter. The social media company has sued to force Musk to go through with the deal, and a trial is scheduled for October.

Following the announcement of the share sale on Tuesday, Musk took to Twitter and said “yes” when asked if he was done selling Tesla stock, adding he would buy it again if the Twitter deal does not close.

According to the Bloomberg Billionaire Index, Elon Musk is the world’s richest person with a $250.2 billion of fortune. The latest sales bring total Tesla stock sales by Musk to about $32 billion in less than one year.

Musk Offloaded $6.9billion Tesla, Musk Offloaded $6.9billion Tesla

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