Musk Sells USD 6.9 Billion in Tesla to Avoid a Twitter Meltdown

Highlights:

  • According to regulatory filings that came out Tuesday night after US markets closed, Tesla’s CEO sold about USD 7.92 Million shares on August 5.
  • With the current sale, the total stock sales by Musk stand at USD 32 billion in less than one year.

Elon Musk completed the largest sale ever completed by a billionaire, the sale of USD 6.9 Billion worth of stock in Tesla Inc. Musk stated that he wanted to avoid a last-minute selloff of the electric-car maker’s shares if he would have gone ahead with his abandoned plan to purchase Twitter Inc.

According to regulatory filings filed after the closure of US markets, Tesla’s CEO sold about USD 7.92 Million shares on August 5. As people tried to figure out why Musk sold the stock, he said in a series of late-night tweets that he didn’t want to sell stock quickly if he had to complete the USD 44 Billion takeover of Twitter.

When asked Musk if he was done selling Tesla shares and if he would repurchase Tesla stock if the deal didn’t go through. Musk said, “Yes.”

The sale comes just four months after Musk sold USD 8.5 Billion worth of stock in April and said he had no plans to sell more shares in the near future. Since then, Tesla’s shares have come back from the lows they hit in May, thanks to gains in US stocks.

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