Elon Musk takes care: Massive sale of Tesla shares

Elon Musk takes care: Massive sale of Tesla shares

San Francisco, Aug. 9, 2022

Elon Musk sold 7.92 million Tesla shares worth $6.9 billion between Aug. 5 and Aug. 9, records show. Musk said he needs the money in case he is forced to go through with his $44 billion acquisition of Twitter, which he is trying to abort.

In a tweet today, Musk said he was done selling Tesla stock. He said it was „important“ to avoid a distress sale of the electric vehicle maker’s stock in case Twitter forces him to buy the company and a financing falls through.

Musk has sold $32 billion worth of the company’s stock since November. The CEO owns nearly 15% of Tesla. In April, he said he had no plans to sell more of Tesla.

Musk agreed in April to buy Twitter for about $44 billion, or $54.20 per share, but tried to cancel the deal over concerns about a lack of information, including the number of spam and fake accounts on Twitter.

Twitter then sued Musk to force him to complete the transaction. The trial is scheduled for Oct. 17-20 in the Delaware Court of Chancery.