Tesla CEO Elon Musk Sells $6.9B Worth Shares Amid Twitter Storm

Tesla CEO Elon Musk Sells $6.9B Worth Shares Amid Twitter Storm
  • There were 7,924,107 TSLA shares sold, according to Tesla CEO Elon Musk.
  • In the previous 10 months alone, Musk has sold $32 billion worth of shares.

Tesla CEO Elon Musk has been in the spotlight a lot lately. Musk has been the talk of the town in every aspect of his life, personal and professional. It was a blow to many who had hoped for greater freedom on social media because of his dispute with Twitter. Tesla shares were sold for $6.9 billion by Musk, amidst a storm of criticism and legal action.

The Securities and Exchange Commission (SEC) was said to have received a total of six Form 4 applications from Musk. There were 7,924,107 TSLA shares sold, according to Tesla CEO Elon Musk. The sales took place on the 5th, 8th, and 9th of August, respectively.

After the sales were announced, Musk tweeted.

“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.”

Lawsuit Slated For October

In the previous 10 months alone, Musk has sold $32 billion worth of shares. Notably, this was not Musk’s first foray into the Tesla stock market. Musk sold $8.5 billion worth of shares only four months ago when his plans to buy Twitter were at their height. Once again, he was compelled to sell his stock on Twitter because of the acquisition.

This year was a rough one for Tesla’s stock. Despite a 35% gain since May, the stock is still 20% behind its year-to-date high. At the time of this writing, TSLA has lost 2.44 percent of its value. In addition, some believe that the anticipated Twitter v. Musk lawsuit might propel Tesla’s shares even farther up the market. In October, the trial is slated to begin.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.