Elon Musk sold almost 8 million Tesla shares, worth nearly $7 billion. “It is important to avoid an emergency sale of Tesla stock” if Twitter forces him to close the $44 billion deal to buy the social media platform, the Tesla CEO stressed.
Elon Musk Sales Nearly 8 Million TSLA Shares
According to a Tuesday night filing by the U.S Securities and Exchange Commission, Elon Musk (Spacex CEO) has sold 7,924,107 Tesla shares (Nasdaq : TSLA). They took place between August 5 and 8. As of the writing date, sales had reached $6.86 Billion.
Musk confirmed on Twitter that he is done selling Tesla stock in reply to a Tesla investor’s tweet. The billionaire added: “In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”
Musk said also that if Twitter fails to close, he’ll buy Tesla stock.
He revealed in May that he was able to secure funding from 18 companies to buy Twitter. These included Sequoia Capital Fund (aka Andreessen Horowitz), Binance and AH Capital Management.
Musk doesn’t sell Tesla shares very often. Before the recent transactions, Musk sold 9.6 millions Tesla shares in April worth approximately $8.5 billion. After the sale, the Tesla and Spacex boss tweeted on April 28 that he had “No further TSLA sales planned.”
Musk in April offered $44 billion to acquire Twitter Inc. However, the billionaire officially terminated the deal in early July, claiming that “Twitter is in material breach of multiple provisions of that agreement.”
Twitter sued Musk in an attempt to get him to sign the agreement. Tesla’s CEO, Elon Musk, filed a countersuit against Twitter accusing it of fraud. At the heart of the dispute is Twitter’s claim that only less than 5% of its daily users are fake or spam accounts. Musk disagreed and has challenged Twitter CEO Parag Agrawal to a public debate over the platform’s bot and spam users.
Replying to a tweet asking him if he had considered creating his own social platform if the Twitter deal does not come through, Musk wrote: “X.com.”
How do you feel about Elon Musk’s sale of nearly 8,000,000 Tesla shares. Please comment below.
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