Why Elon Musk Just Sold Tesla Shares Worth $6.88 Billion.
The CEO of Tesla and SpaceX stated on social media earlier this year that he had “no further TSLA sales planned” following April 28.
Following the disclosure of Musk’s most recent stock sales, Tesla supporters and promoters questioned the celebrity CEO about whether he had sold all of his company’s equity and whether he might ever purchase it back.
Musk answered “Yes” when asked if he had finished selling Tesla stock. Avoiding an emergency sale of Tesla stock is crucial in the (hopefully improbable) event that Twitter compels this deal to conclude and certain equity partners fail to materialise.
Elon Musk, the CEO of Tesla, sold 7.92 million Tesla shares for about $6.88 billion, according to a number of financial documents released Tuesday evening.
After Tesla’s 2022 annual shareholder meeting in Austin, Texas, on August 4, the SEC filings revealed that his trades occurred between August 5 and August 9.
After April 28, the CEO of Tesla and SpaceX declared on social media that he had “no additional TSLA sales planned.
The next week, it emerged from SEC filings that Musk had been selling a block of shares in his electric vehicle manufacturer valued at around $8.4 billion.
The multi-billionaire is engaged in a bitter legal dispute with Twitter, the dominant social media platform that he agreed to purchase in April for approximately $44 billion, or $54.20 per share.
Following that, the share price of Twitter and that of Tesla fell amid a general market fall.
By July 8, Musk announced on Twitter that the agreement was ending. He said Twitter misrepresented the quantity of spam, fake accounts, and bots on its network and didn’t give him all the information he needed to move forward with the deal.
Twitter has filed a lawsuit to ensure that the Musk transaction closes at the agreed-upon price, which would be a bonanza for many of its shareholders.
Following the disclosure of Musk’s most recent stock transactions on Tuesday, Tesla supporters and promoters questioned the celebrity CEO about whether he was done selling shares in the electric vehicle industry and whether he might ever purchase them back.
Musk answered “Yes” when asked if he had finished selling Tesla stock. Avoiding an emergency sale of Tesla stock is crucial in the (hopefully improbable) scenario where Twitter compels this deal to completion and some equity partners fail to materialise.
Musk did not disclose which equity partners he was concerned might back out of their commitments to fund a takeover of Twitter with him.
Early in May, Musk had secured equity funding from 19 different partners, including the cryptocurrency exchange Binance, Qatari Holding, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, and the venture capital companies Sequoia, DFJ Growth Fund, and Vy Capital.
He said that he would think about starting his own social network, X.com, if the Twitter transaction fell through.
After hours, the price of Tesla stock was almost unchanged due to the news. Prior to Musk’s insider trades for close to $7 billion being made public through SEC filings, Tesla stock ended Tuesday’s trading session at $850, a decrease of little more than 2% for the day.
The CEO of Tesla and SpaceX stated on social media earlier this year that he had “no further TSLA sales planned” following April 28.
Following the disclosure of Musk’s most recent stock sales, Tesla supporters and promoters questioned the celebrity CEO about whether he had sold all of his company’s equity and whether he might ever purchase it back.
Musk answered “Yes” when asked if he had finished selling Tesla stock. Avoiding an emergency sale of Tesla stock is crucial in the (hopefully improbable) event that Twitter compels this deal to conclude and certain equity partners fail to materialise.
Elon Musk, the CEO of Tesla, sold 7.92 million Tesla shares for about $6.88 billion, according to a number of financial documents released Tuesday evening.
After Tesla’s 2022 annual shareholder meeting in Austin, Texas, on August 4, the SEC filings revealed that his trades occurred between August 5 and August 9..
After April 28, the CEO of Tesla and SpaceX declared on social media that he had “no additional TSLA sales planned.
The next week, it emerged from SEC filings that Musk had been selling a block of shares in his electric vehicle manufacturer valued at around $8.4 billion.
The multi-billionaire is engaged in a bitter legal dispute with Twitter, the dominant social media platform that he agreed to purchase in April for approximately $44 billion, or $54.20 per share.
Following that, the share price of Twitter and that of Tesla fell amid a general market fall.
By July 8, Musk announced on Twitter that the agreement was ending. He said Twitter misrepresented the quantity of spam, fake accounts, and bots on its network and didn’t give him all the information he needed to move forward with the deal.
Twitter has filed a lawsuit to ensure that the Musk transaction closes at the agreed-upon price, which would be a bonanza for many of its shareholders.
Following the disclosure of Musk’s most recent stock transactions on Tuesday, Tesla supporters and promoters questioned the celebrity CEO about whether he was done selling shares in the electric vehicle industry and whether he might ever purchase them back.
Musk answered “Yes” when asked if he had finished selling Tesla stock. Avoiding an emergency sale of Tesla stock is crucial in the (hopefully improbable) scenario where Twitter compels this deal to completion and some equity partners fail to materialise.
Musk did not disclose which equity partners he was concerned might back out of their commitments to fund a takeover of Twitter with him.
Early in May, Musk had secured equity funding from 19 different partners, including the cryptocurrency exchange Binance, Qatari Holding, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, and the venture capital companies Sequoia, DFJ Growth Fund, and Vy Capital.
He said that he would think about starting his own social network, X.com, if the Twitter transaction fell through.
After hours, the price of Tesla stock was almost unchanged due to the news. Prior to Musk’s insider trades for close to $7 billion being made public through SEC filings, Tesla stock ended Tuesday’s trading session at $850, a decrease of little more than 2% for the day.
