Tesla CEO Elon Musk has sold the company’s 19.5 million shares worth $3.95 billion, according to filings published by the US Securities and Exchange Commission (SEC) on Tuesday. The development comes days after the world’s biggest billionaire took over micro-blogging site Twitter in a $44-billion deal.
With this latest sale, the total value of Tesla stocks sold by Musk this year is about $20 billion. In April and August, Musk in total sold $15.4 billion. Musk, who now owns 135 million Tesla shares, had in August claimed that he was done selling the company shares. He had filed six Form 4s with the SEC in August showing that he sold 7,924,107 $TSLA shares worth about $6.9 Billion. The weighted average price was $869.09. The sales took place on August 5, 8 and 9.
The Tesla CEO in August had said in a tweet reply, “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.”
Last month, Musk took over Twitter after a $44-billion deal. He has announced significant measures, including sacking half the staff and a plan to charge for blue check verification marks.
It has been almost six months now that Elon Musk had announced that he was going to buy Twitter at $54.20 per share, a deal amounting to $44 billion. But there was a lot of back-and-forth between lawyers of Musk and Twitter.
Initially, Twitter did not want the Musk deal to happen and adopted a poison pill. It then went ahead to sue Musk the moment he made his plans to ditch the idea of buying Twitter. Musk reconsidered his buying decision about concerns of spam and bots on Twitter. In other words, he publicly expressed that he may be overpaying to buy Twitter.
On October 5, 2022, Musk finally decided to go through the original buyout deal at the agreed price of $44 billion. According to a report by Reuters, “the latest twist in the long-running saga came ahead of the high-stakes trial instigated by Twitter in an attempt to hold the Tesla chief to the deal he signed in April”.
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