Elon Musk Dumps 6.9 Million Tesla Shares Worth $7 Billion

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Tesla CEO Elon Musk has reportedly disposed of nearly $7 billion worth of the company’s stock in recent days as his chaotic Twitter buyout bid still hangs in limbo.

• Musk, who happens to be Tesla’s largest shareholder, currently has only a 15% stake in the company.
• According to WSJ, disclosures show that the exec sold around 6.9 million shares between Friday and Tuesday.
• The public spat between the two has garnered significant attention as the micro-blogging website blamed the business magnate for its disappointing Q2 results.
• This isn’t the first time that Musk dumped his Tesla shares. Over the past ten months, the billionaire CEO had sold roughly $32 billion worth of shares in the electric-vehicle manufacturing company.
• To finance the take over of Twitter, he had sold $8.5 billion of stock in April this year.
• Addressing the selling spree, Musk had earlier tweeted that he does not plan to unload TSLA sales after that day.
• The relationship between the Tesla Chief and the social media giant has soared since then. As reported earlier, Twitter’s Q2 2022 financial results haven’t faired well.
• The company also held Musk partly accountable for casting uncertainty on the highly-anticipated acquisition deal.
• Twitter also sued Musk for failing to complete the $44 billion deal. The court case is scheduled for October.
• If the judge enforces Musk to close the deal transaction, he may have to pay an additional $33 billion in equity financing, as per the regulatory filing.
• Musk currently owns over 9% of Twitter.

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OhNoRipple via https://www.ohnocrypto.com/ @Chayanika Deka, @Khareem Sudlow