Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Elon Musk Sells $6.9 Bln Tesla Stock as Twitter Legal Battle Looms

Stock Markets Aug 10, 2022 12:30
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
TSLA
-6.81%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TWTR
-1.18%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ambar Warrick 

Investing.com-- Elon Musk sold about $6.9 billion worth of Tesla Inc (NASDAQ:TSLA) stock over the past week, a filing revealed on Wednesday, as the Tesla CEO faces a potentially expensive legal battle with Twitter Inc (NYSE:TWTR) over a buyout offer. 

Tweeting on the sales, Musk said that he was done selling Tesla stock for now, and said it was important to avoid an “emergency sale” of Tesla stock to potentially fund a takeover of Twitter.

“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk said in a tweet. 

He also said that he would buy Tesla stock again if the Twitter deal were to not close. 

Overnight SEC filings showed that Musk sold about 7.9 million Tesla shares worth about $6.9 billion. Musk offloaded the stake between August 5 to August 9, and now holds about 155 million shares in Tesla, worth $32 billion.  

Musk faces a prolonged legal battle with Twitter, as the social media platform seeks to make Musk honor his $44 billion buyout offer.

The world’s richest man offered to take the social media platform private in April, but has since rescinded the offer over an alleged lack of transparency from Twitter over the number of bots on its platform. Twitter has denied such a move. 

The two parties are set to go to court in October, with Musk facing either a forced buyout of Twitter, or a hefty fine for calling off the deal. 

Musk had sold about $8.5 billion worth of Tesla shares in April after announcing the deal. He had then also said that there would be no more stock sales on his end.

 
Elon Musk Sells $6.9 Bln Tesla Stock as Twitter Legal Battle Looms
 

Related Articles

4 Insider Sells of Interest Today
4 Insider Sells of Interest Today By Investing.com - Sep 30, 2022

By Davit Kirakosyan Insider buying and selling activities are important for investors to pay attention to. While insiders sell for many reasons, including taxes, it doesn’t...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email