Elon Musk sells Tesla shares during Twitter spat

Elon Musk sold Tesla shares worth almost $ 7 billion, while the legal dispute with Twitter is escalating.

On Wednesday, August 10, 2022, the Wall Street Journal (WSJ)that Elon Musk repelled Tesla shares worth about $ 7 billion. Now the Tesla CEO owns only 15% of the company. Musk wants to prevent an emergency sale.

Tesla share price falls after share sales

As the WSJ reports, Elon Musk first accumulated shares of the electric car manufacturer worth about $ 32 billion.

In April 2022, the billionaire then sold Tesla shares worth around $8 Billion. At that time, the richest man in the world declared that “after today, no further Tesla sales are planned”. However, the Twitter scandal seems to have led Musk to revise this statement.

The price of Tesla shares has fallen sharply after the news about Musk’s sale. On Thursday, August 4, the TSLA rate was around $ 938, and then fell to a new low on Monday, August 8, at $ 843.

At the time of publication of this article, according to the data of Yahoo! Finance at $ 846.

Source: Yahoo! Finance

The clash between Elon Musk and Twitter

The sale of Tesla shares happened during the scandal over the $ 44 billion deal between Elon Musk and Twitter. How the New York Times according to reports, Elon Musk wants to prevent an emergency sale of Tesla shares if he is forced to buy Twitter.

In April 2022, Elon Musk announced that he would buy the social network. At that time, Musk acquired Twitter shares, and after that he owned 9.2% of the company. For this, Musk sold Tesla shares.

However, two months later, Musk withdrew the offer to buy Twitter back. The billionaire justified the decision on the shortcomings of the Twitter board of Directors, arguing that the social network never provided him with information about bots or fake accounts on the platform.

This was followed by a legal dispute between Musk and Twitter, as well as numerous lawsuits and a counterclaim from the Tesla CEO.


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