Elon Musk Sells Off $7 Billion Worth Of Tesla Shares

Elon Musk, the CEO of Tesla, just sold 7.9 million shares of the company, which is worth $6.9 billion.

The Securities and Exchange Commission received several documents late on Tuesday night detailing the sales from Friday through Tuesday. They represent Musk’s first Tesla share sale since April when he sold 9.6 million shares to raise $8.5 billion.

Is Elon Musk Buying Twitter?

These April sales happened not long after Musk and Twitter agreed to a $44 billion purchase agreement.

However, he stated a month ago that he would not be following through with that agreement, claiming that Twitter management had withheld critical information concerning the number of user accounts that were spam and bot accounts rather than accounts managed by real individuals.

Musk vs Twitter

Musk is presently being pressured by Twitter to carry out the agreement on the parameters negotiated in April.

The reason behind the stock transactions was kept a secret in Musk’s filings. But when someone on Twitter asked him if he was done selling Tesla shares, he replied “Yes” and said that this latest transaction was motivated by the risk of being forced to purchase Twitter.

Give us 1 week in your inbox & we will make you smarter.

Only "News" Email That You Need To Subscribe To