-
chevron_right
Elon Musk cashes in $6.9 billion of Tesla stock, just in case
news.movim.eu / ArsTechnica · Wednesday, 10 August, 2022 - 15:42
Within weeks of the Twitter board's approval of Elon Musk's unsolicited bid to take the company private, the South African-born billionaire came down with a severe case of buyer's remorse. Twitter was not happy, and after Musk decided not to go through with the purchase , the social media company quickly sued him . In advance of the trial, set for October despite Musk's attempts to push it back to 2023, Elon Musk is apparently preparing for the worst-case scenario of being forced to consummate the deal.
With Tesla stock on a rebound, Musk has just sold $6.9 billion worth of shares in his electric car company, a move disclosed in regulatory filings on Tuesday. Musk got an average of $869 for the shares, which is significantly more than the $628 that TSLA shares were trading at in late May. TSLA had hit its 2022 peak of $1,145 on April 4, the day after Musk revealed his purchase of 9.2 percent of Twitter's outstanding shares.
In late April, after announcing his plans to buy Twitter, Musk unloaded $8.5 billion in Tesla stock , saying at the time that there were "no further TSLA sales planned after today."