Elon Musk has sold nearly $7 billion in shares of Tesla. The sale comes amid a legal dispute with the Twitter platform.
On Wednesday, August 10, it was announced that Elon Musk had sold almost 7 billion dollars in Tesla shares, as reported by The Wall Street Journal (WSJ).
The sale of 7.9 million shares would leave the tycoon with a stake of only 15% in Tesla.
Elon Musk and continuous sales of Tesla shares
As reported by WSJ, Elon Musk had accumulated approximately $32 billion worth of shares in the electric vehicle maker.
Last April, the tycoon sold round 8 billion dollars in shares. At the time, the richest man in the world declared that “no more Tesla sales are planned after today.” But it seems that his Twitter drama has caused him to reverse that decision.
Amid the news, Tesla’s stock has registered a major drop. Last Thursday, August 4, TSLA was trading at about $938, falling to a low of $843 on Monday, August 8.
At press time, Tesla is trading at $846, according to Yahoo! finance data.
Source: Yahoo! Finance
Twitter Saga
The sale of Tesla’s shares comes amid uncertainty over the fate of Musk’s $44 billion deal to buy Twitter.
The controversy between Musk and Twitter began last April, when it was revealed that Musk bought shares of the social network, giving him ownership of 9.2% of the company.
However, two months later, Musk backed out on his deal to buy Twitter. He cited omissions by the social network’s board of directors, arguing that the social network never offered him information related to bots or fake accounts.
From that moment, the process of lawsuits and counterclaims kicked off between Elon Musk and Twitter.
Musk is a cryptocurrency enthusiast, holding an array of crypto both personally and via his companies SpaceX, Tesla, and The Boring Company, all of which accept crypto in payment in some capacity.
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