August 11, 2022: -Tesla CEO Elon Musk is dealing 7.92 million company stakes worth nearly $6.88 billion.
His transactions came in between August 5 and 9, the SEC filings revealed, after Tesla’s annual shareholders of 2022 meeting on August 4 in Austin, Texas.
This year, the Tesla and SpaceX CEO told on social media that he had “no further TSLA sales designed” after April 28.
This week, SEC filings indicated Musk had been selling a block of shares in his electric car designer worth about $8.4 billion.
The centibillionaire is in the midst of a contentious legal battle with Twitter, the social networking firm he agreed to acquire in April for about $44 billion or $54.20 per share.
Amid an overall market plunge, the quota price and the price of Tesla’s stock lowered.
By July 8, Musk told Twitter he had terminated the deal. He accused Twitter is declining to give him all the information he needed to go ahead with the acquisition and of knowing the number of bots, spam, and fake accounts on its platform.
Twitter is suing to make sure that the Musk deal goes through for the promised price, representing a windfall for numerous of its shareholders.
On Tuesday, after Musk’s recent stock sales, Tesla fans and promoters questioned the celebrity CEO if he sold stakes in the electric vehicle business and if he might repurchase shares in the future.
In May, Musk had lined up equity financing from over 19 partners, that include Saudi Arabia’s Prince Alwaleed, Qatari venture company Sequoia, DFJ growth fund, Vy Capital, and the cryptocurrency exchange Binance.
He also said he would repurchase a few of his shares if he didn’t have to go through with the Twitter investment.
If the Twitter deal did not occur, he would think of creating his social platform, X.com.