Elon Musk Dumps 6.9 Million Tesla Shares Worth $7 Billion
Tesla CEO Elon Musk has reportedly disposed of nearly $7 billion worth of the company’s stock in recent days as his chaotic Twitter buyout bid still hangs in limbo.
- Musk, who happens to be Tesla’s largest shareholder, currently has only a 15% stake in the company.
- According to WSJ, disclosures show that the exec sold around 6.9 million shares between Friday and Tuesday.
- The public spat between the two has garnered significant attention as the micro-blogging website blamed the business magnate for its disappointing Q2 results.
- This isn’t the first time that Musk dumped his Tesla shares. Over the past ten months, the billionaire CEO had sold roughly $32 billion worth of shares in the electric-vehicle manufacturing company.
- To finance the take over of Twitter, he had sold $8.5 billion of stock in April this year.
- Addressing the selling spree, Musk had earlier tweeted that he does not plan to unload TSLA sales after that day.
- The relationship between the Tesla Chief and the social media giant has soared since then. As reported earlier, Twitter’s Q2 2022 financial results haven’t faired well.
- The company also held Musk partly accountable for casting uncertainty on the highly-anticipated acquisition deal.
- Twitter also sued Musk for failing to complete the $44 billion deal. The court case is scheduled for October.
- If the judge enforces Musk to close the deal transaction, he may have to pay an additional $33 billion in equity financing, as per the regulatory filing.
- Musk currently owns over 9% of Twitter.
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