Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NEW YORK – 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 Dimitrios Kambouris/Getty Images for the Met Museum/Vogue)

Dimitrios Kambouris | Getty Images Entertainment | Getty Images

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

Their transactions occurred between Aug. 5 and Aug. 9, SEC filings revealed, following Tesla’s 2022 annual shareholder meeting on Aug. 4 in Austin, Texas.

Earlier this year, the CEO of Tesla and SpaceX took to social media to say yes “No further TSLA sales planned” after April 28.

That week, SEC presentations revealed that Musk had been selling a block of shares in his electric car maker worth about $8.4 billion.

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

Read more about electric vehicles from CNBC Pro

Amid a general market decline, Twitter’s stock price and Tesla’s stock price fell. Musk said he was finalizing the deal and accused Twitter of not giving him all the information he needed to move forward with the acquisition.

He also accused Twitter of underestimating the number of bots, spam and fake accounts on its platform.

On July 8, Musk said on Twitter that he was ending the deal.

Twitter has asked to make sure Musk’s deal goes through for the promised price, which would represent a windfall for many of its shareholders.

Tesla shares were trading mostly flat after hours on the news. Tesla shares closed at $850, up a little more than 2% for the day on Tuesday, before the CEO’s insider sales were made public through SEC filings.


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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!