Musk sells 7.92 million Tesla shares. What’s going on?
Elon Musk, owner of the electric vehicle company Tesla has sold 7.92 million shares of the company worth around $6.88 billion, as per media reports.
Musk’s transactions occurred between August 5 and August 9, the US Securities and Exchange Commission (SEC) filings revealed, following Tesla’s 2022 annual shareholder meeting on August 4 in Austin, Texas, reports CNBC.
Earlier this year, the tech billionaire said on social media that he had “no further Tesla sales planned” after April 28. That week, SEC filings revealed Musk had been selling a block of shares in his electric car maker worth about $8.4 billion.
Musk is in the middle of a contentious legal battle with Twitter, the social networking giant he agreed to acquire in April for about $44 billion or $54.20 per share.
Amid an overall market decline, Twitter’s share price and the price of Tesla shares dropped. Musk said he was terminating the deal and accused Twitter of failing to give him all the information he needed to go ahead with the acquisition.
Musk also accused Twitter of understating the number of bots, spam, and fake accounts on its platform.
[With Inputs from IANS]
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Good move when its share value is going down the drainage pipe.