June 2, 2023

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Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NY – MAY 2: Elon Musk attends the 2022 Met Gala celebrating “In America: An Anthology of Fashion” at the Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Demetrius Kambouris/Getty Images for the Met/Vogue Museum)

Demetrius Kambouris | Getty Images Entertainment | Getty Images

Tesla CEO Elon Musk has sold 7.92 million Tesla shares worth about $6.88 billion, according to a series of financial filings published Tuesday night.

Transactions took place between August 5 and 9, SEC filings reveal, after Tesla’s 2022 Annual meeting of shareholders On August 4th in Austin, Texas.

Earlier this year, the CEO of Tesla and SpaceX said on social media that he did ‘No more planned TSLA sales’ After April 28.

That week, SEC filings It was revealed that Musk was selling a A block of stock in his electric car maker is worth about About $8.4 billion.

The billionaire is in the midst of a contentious legal battle with Twitter, the social networking giant it agreed to acquire in April for $44 billion, or $54.20 per share.

Read more about electric cars from CNBC Pro

Amid an overall market decline, Twitter’s stock price and Tesla’s stock price fell. Musk said he terminated the deal and accused Twitter of failing to provide him with all the information he needed to move forward with the acquisition.

Twitter has also been accused of reducing the number of bot, spam and fake accounts on its platform.

By July 8 Musk told Twitter he’s done the deal.

Twitter filed a lawsuit to secure the completion of the Musk deal For the promised price, which would represent an unexpected gain for many of its shareholders.

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Tesla shares were trading almost flat after hours on the news. Shares in Tesla closed at $850, down just over 2% on Tuesday, before CEO insider sales were announced via SEC filings.