Elon Musk Sells $7B Worth Tesla Shares, In Case Twitter Deal Goes Through
The latest transaction comes a few months after Musk had said that he wasn’t planning additional sales.
Tesla CEO Elon Musk has reportedly disposed of nearly $7 billion worth of the company’s stock in recent days as his chaotic Twitter buyout bid still hangs in limbo. Musk, who happens to be Tesla’s largest shareholder, currently has only a 15% stake in the company.
According to WSJ, disclosures show that the exec sold around 6.9 million shares between Friday and Tuesday.
The public spat between the two has garnered significant attention as the micro-blogging website blamed the business magnate for its disappointing Q2 results.
This isn’t the first time that Musk dumped his Tesla shares. Over the past ten months, the billionaire CEO had sold roughly $32 billion worth of shares in the electric-vehicle manufacturing company.
To finance the take over of Twitter, he had sold $8.5 billion of stock in April this year. Addressing the selling spree, Musk had earlier tweeted that he does not plan to unload TSLA sales after that day.
The relationship between the Tesla Chief and the social media giant has soared since then. Twitter’s Q2 2022 financial results haven’t faired well. The company also held Musk partly accountable for casting uncertainty on the highly-anticipated acquisition deal.
Twitter also sued Musk for failing to complete the $44 billion deal. The court case is scheduled for October. If the judge enforces Musk to close the deal transaction, he may have to pay an additional $33 billion in equity financing, as per the regulatory filing.
