Elon Musk, the CEO of Tesla, sold 7.92 million Tesla shares for about $6.88 billion, according to a number of financial documents released Tuesday evening.
The SEC filings revealed that his transactions took place between August 5 and August 9, which was after Tesla’s 2022 annual shareholder meeting in Austin, Texas, on August 4.
The CEO of Tesla and SpaceX stated on social media earlier this year that he had “no further TSLA sales planned” following April 28.
The next week, it revealed from SEC filings that Musk had been selling a block of shares in his electric vehicle manufacturer valued at around $8.4 billion.
The social networking juggernaut Twitter, which the centibillionaire agreed to purchase in April for around $44 billion or $54.20 per share, is the subject of a heated legal dispute between the two parties.
Tesla stock price and Twitter share price both decreased amid a general market dip. Musk announced the cancellation of the agreement and charged that Twitter had failed to provide him with all the details he required to move forward with the acquisition.
Additionally, he charged that Twitter had underreported the quantity of spam, bots, and bogus accounts using its system.
By July 8, Musk announced on Twitter that the agreement was ending.
Twitter has filed a lawsuit to ensure that the Musk transaction closes at the agreed-upon price, which would be a bonanza for many of its shareholders.
After hours, the price of Tesla stock was almost unchanged due to the news. Prior to the CEO’s insider sales becoming known through SEC filings, Tesla shares completed Tuesday’s trading session at $850, a decrease of little more than 2% for the day.
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