Tech
Elon Musk Sells 7.92 Million Tesla Shares Worth $6.88 Billion Amid Twitter Legal Battle
(CTN News) – Tesla’s CEO Elon Musk sold 7.92 million shares of Tesla worth around $6.88 billion, according to a series of financial filings with the SEC.
Elon Musk said in April that “no further Tesla sales planned” after selling $8.5 billion in Tesla shares to finance the acquisition of Twitter.
Stock market filings show Tesla’s CEO offloaded the shares between August 5 and August 9. He now owns 155.04 million Tesla shares.
Despite the ongoing legal battle with Twitter, I returned to Twitter polls last week. “Less than 5% of Twitter users are fake/spam,” Elon Musk tweeted. About 8.22 lakh Twitter users took the poll.
Elon Musk made a $44 billion offer to buy Twitter and then rescinded it, blaming it on the site’s number of spam or bot accounts. This latest Twitter poll comes amid a month-long dispute with the micro blogging platform.
According to SpaceX chief, Twitter had not properly disclosed how many bots were on its site.
Elon Musk said that if Twitter CEO Parag Agrawal can prove the actual number of fake accounts, the terminated deal can still be revived.
As long as Twitter provides their method for sampling 100 accounts and how they’re confirmed to be real, the deal should proceed.
Elon Musk announced on July 9 that he was pulling out of the $44-billion Twitter deal, three months after signing a deal to buy the company.
According to Elon Musk’s filing to the US Securities and Exchange Commission, Twitter did not provide him with enough information about fake accounts on its platform.
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The shares of Tesla have risen nearly 15 percent since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration’s climate bill to raise the tax credit cap.
Tesla shares have risen about 35 percent since the lows reached in May, but are still down about 20 percent this year.
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