Elon Musk Sells Nearly $7 Billion in Tesla Stock Amid Twitter Battle

Elon Musk has sold nearly $7 billion worth of Tesla Inc. stock over the past few days, a filing with the Securities and Exchange Commission on Tuesday said he wants to have cash on hand while he’s out Litigation with Twitter Inc. intensified.

Corresponding the filesthe Tesla boss sold around 7.9 million shares between Friday and Tuesday at prices between 838.57 and 911.75 US dollars – a total of around 6.88 billion US dollars.

Last week, Tesla shareholders approved plans for a 3-for-1 stock split that will take place on August 24th. Trading will begin on a stock split-adjusted basis on Aug. 25, the company said in a regulatory filing.

Musk last sold a tranche of Tesla stock worth about $4 billion in April after agreeing to buy Twitter TWTR.
for $44 billion, a deal he’s now trying to get out of. On a 28.4 tweet, He said, “No further TSLA sales are planned after today.”

in the a tweet On Tuesday night, Musk again said he was done selling, adding, “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t pull through, it’s important to avoid a fire sale of Tesla.” Warehouse.”

“This stock sale will stimulate a lot of bull/bear talk on the streets in the morning,” said Dan Ives, Managing Director and Senior Equity Analyst at Wedbush, tweeted Tuesday night. “The Musk tweet confirms our thoughts on Twitter. Street will read through this poker move that the chances of a Twitter deal are now more likely.”

Late last year, Musk sold about 10% of his stake in the electric-car company, selling about $16 billion worth of stock mostly to pay taxes. But during that time, he also exercised options to purchase about 16.4 million stock options at about $6.24 per share, effectively increasing his stake in Tesla.

According to the ranking, Musk is the richest person in the world Bloomberg Billionaires Indexwith assets of around $250 billion.

Tesla shares TSLA,
are down nearly 20% year-to-date compared to the S&P 500’s roughly 14% decline.

https://www.marketwatch.com/story/elon-musk-offloads-nearly-7-billion-in-tesla-stock-11660098780?rss=1&siteid=rss Elon Musk Sells Nearly $7 Billion in Tesla Stock Amid Twitter Battle

Brian Lowry

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