Musk sells Tesla shares worth $6.9 billion, cites chance of forced Twitter deal

0
11
sells shares of Tesla.

Musk, the world’s richest person, sold $8.5 billion worth of Tesla shares in April and had said at the time there were no further sales planned. But since then, legal experts had suggested that if Musk is forced to complete the acquisition or settle the dispute with a stiff penalty, he was likely to sell more Tesla shares.

In other comments on Twitter on Tuesday, Musk said “yes” when asked if he was done selling Tesla stock, and also said he would buy Tesla stock again if the Twitter deal does not close.

Musk sold about 7.92 million shares between Aug.5 and Aug.9, according to multiple filings. He now owns 155.04 million Tesla shares or just under 15% of the automaker according to Reuters calculations.

Tesla shares have risen nearly 15% since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration’s climate bill that, if passed, would lift the cap on tax credits for electric vehicles.

Musk also teased on Tuesday that he could start his own social media platform.

Leave a reply

Please enter your comment!
Please enter your name here