Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NY – 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 Met Museum/Vogue)

Dimitrios Kambouris Getty Images Entertainment | Getty Images

Tesla CEO Elon Musk sold 7.92 million shares of the company worth $6.88 billion in a series of financial reports published Tuesday night.

His transactions occurred between Aug. 5 and 9, SEC filings show, ahead of Tesla’s 2022 annual shareholder meeting Aug. 4 in Austin, Texas.

Earlier this year, the CEO of Tesla and SpaceX said on social media “No More TSLA Sales Plan” After April 28th.

Read more about electric vehicles from CNBC Pro

Amid the general market decline, Twitter’s stock price and Tesla’s stock price have since fallen.

On July 8, Musk announced on Twitter that he was terminating the deal. He accused Twitter of not providing him with all the information he needed to proceed with the acquisition process and downplayed the number of bots, spam and fake accounts on the platform.

Twitter has sued to ensure Musk’s deal comes through at the promised rate, representing a windfall for many of its shareholders.

On Tuesday, after Musk’s latest stock sale was announced, Tesla supporters and promoters asked the iconic CEO if he was done selling shares in the electric vehicle business and whether he might buy back shares in the future.

Asked if he had finished selling Tesla shares, Musk replied: “Yes. In the (unlikely) event that Twitter forces this deal to close and some equity partners don’t come forward, it’s necessary to avoid a sudden sale of Tesla stock.”

Musk did not specify which equity partners he feared would abandon plans to support Twitter’s private equity business with him.

In early May, Musk lined up equity financing from 19 different partners, including Saudi Arabia’s Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Qatar Holding, venture capital firm Sequoia, DFJ Growth Fund, Vie Capital and cryptocurrency exchange Binance.

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

If the Twitter deal doesn’t happen, he will Consider creating your own Social platform, X.com, added.

Tesla shares were trading flat after hours on the news. Tesla closed at $850, down more than 2% on Tuesday, before Musk’s nearly $7 billion insider sale was made public in SEC filings.

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