In April, Musk sold $8.4 billion worth of Tesla shares to raise funds for his $44 billion takeover of Twitter. The billionaire said at the time that.
What just happened? Elon Musk has once again sold millions of his Tesla shares, months after claiming he was done selling. A US Securities and Exchange Commission shows he offloaded 19.5 million shares in the EV giant, worth around $3.9 billion.
In April, Musk sold $8.4 billion worth of Tesla shares to raise funds for his $44 billion takeover of Twitter. The billionaire said at the time that he didn’t plan to sell any more, but that changed in August when Musk offloaded another 7.92 million shares worth about $6.9 billion.
The second sale came while Musk was embroiled in a legal battle with Twitter following his withdrawal from the acquisition. He said that in the event Twitter won the case and forced the takeover to complete, and some equity partners didn’t come through, it was important to avoid the emergency sale of Tesla stock.
