Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

Technology

NEW YORK, NEW YORK – MAY 02:
Elon Musk attends The 2022 Met Gala Celebrating “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/Vogue)
Dimitrios Kambouris | Getty Images Entertainment | Getty Images

Tesla CEO Elon Musk sold 7.92 million shares of Tesla worth around $6.88 billion, according to a series of financial filings published Tuesday night.

His transactions occurred between Aug. 5 and 9, the SEC filings revealed, following Tesla’s 2022 annual shareholder meeting on Aug. 4 in Austin, Texas.

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

That week, SEC filings revealed Musk had been selling a block of shares in his electric car maker worth about about $8.4 billion.

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

Amid an overall market decline, Twitter’s share price and the price of Tesla shares dropped. Musk said he was terminating the deal and accused Twitter of failing to give him all the information he needed to go ahead with the acquisition.

He also accused Twitter of understating the number of bots, spam and fake accounts on its platform.

By July 8, Musk told Twitter he was terminating the deal.

Twitter has sued to ensure the Musk deal goes through for the promised price, which would represent a windfall for many of its shareholders.

Tesla shares were trading nearly flat after hours on the news. Shares in Tesla closed at $850, down just over 2% for the day on Tuesday, before the CEO’s insider sales were made public through SEC filings.

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