Elon Musk sells Tesla stock for $6.9 billion

Top line

Elon Musk sold roughly $6.9 billion worth of Tesla stock last week, according to a new report from the Securities and Exchange Commission, in a surprise move from the world’s richest man in more than three months. he said. There was no “no further sale of TSLA planned”.

Key facts

Musk sold more than 7.9 million shares in dozens of transactions between Friday and Tuesday, at an average price of $875 per share, according to the reports.

The billionaire owes an estimated $1.65 billion in federal capital gains taxes on the sale, leaving about $5.25 billion in home payments.

It’s unclear why Musk chose to sell — he didn’t immediately respond to a request for comment. Forbes.

A large number

Over $31 billion. That’s what has driven Tesla stock on a series of sales since November.

Key background

Unlike previous transactions, Musk’s sales this week were unexpected. Tesla’s CEO has hinted at a sale by the end of November 2021, and after signing a $44 billion deal to buy Twitter, he raised $8.5 billion in advance tax funds in April. $8.5 billion was expected to go toward the acquisition, but Musk nixed the deal last month over concerns about the number of bots and spam accounts flooding the platform. Twitter quickly responded by filing a lawsuit against Musk in Delaware Chancery Court to force the deal to go through. If the two sides do not reach a settlement, the trial is set to begin on October 17.

Forbes price

We estimate that Musk is worth $255.1 billion, making him the richest man on Earth.

Further reading

Elon Musk Sells More Tesla Shares—Total Sale Brings in More Than $8 Billion This Week (Forbes)

Elon Musk ‘Aborts’ Deal to Buy Twitter—Platform Plans Legal Action (Forbes)

Twitter Tries to Cancel Elon Musk Acquisition (Forbes)

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