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Elon Musk sells Tesla shares worth $6.88 billion

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Elon Musk sells Tesla shares worth $6.88 billion

elon musk twitter deal

According to Tesla Inc.’s regulatory filings, Elon Musk, the richest man in the world, has sold 7.92 million shares of the business for about $6.88 billion.

Elon Musk, the CEO of Tesla Inc., sold approximately 7.92 million shares of the business between August 5 and August 9, according to the Securities and Exchange Commission (SEC).

Just a few months after saying he wouldn’t sell any more Tesla stock, Musk sold shares of the firm.

Elon Musk had stated in a tweet on April 29 that there will be “no additional TSLA sales planned after today.”

This year, the share price of Tesla has fallen by around 30%. On Tuesday, the stock traded at about $850.

A contentious legal dispute between Musk and the microblogging platform Twitter is ongoing.

After Musk opted to pull out of the $44 billion acquisition offer, Twitter just filed a lawsuit.

In a pact worth about $44 billion, Musk and Twitter agreed to be acquired in April at a price of $54.20 per share. Musk, though, placed the agreement on hold in May so that his team could examine Twitter’s assertion that less than 5% of accounts on the platform are spam or bots.

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Back in June, Musk publicly charged the microblogging platform with violating the terms of the merger agreement and threatened to walk away and cancel the purchase of the social media firm if it did not give him the information he had asked for regarding spam and phony accounts.

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