Tech

Elon Musk sells nearly $7 billion in Tesla stock – TechCrunch


Tesla CEO Elon Musk has resumed selling shares of his electric car company, according to a regulatory filing. As of Friday, the chief executive has sold 7.9 million shares, totaling about $6.9 billion. This is the first time Musk has sold shares of Tesla since April, when he liquidated 9.6 million shares, worth about $8.5 billion.

Musk, usually a fan of tweets, took to social media about why he’s cutting his stake in the company again. Over the past 10 months, Musk has sold about $32 billion worth of Tesla stock.

Tesla shares are down 2.44% today but are trading relatively flat after business hours, suggesting that stock sales have yet to affect Tesla’s share price. Tesla shares took a hit late last year when Musk sold off more than $16 billion worth of sales after polling fans on Twitter about whether he should cut his stake. his or her own, a move that gets him involved hot water with the Securities and Exchange Commission.

When Musk sold shares back in April, TechCrunch considered the possibility of the CEO giving money to 44 billion dollars Twitter acquisition. Last month, Musk tells Twitter he’s killing the deal because he believes the social media company was wrong in its bot calculations. Over the weekend, however, the chief executive was a bit shaken, tweets: “If Twitter had only provided a method to sample 100 of their accounts and how they were confirmed to be real, the deal would have been conducted on the original terms. However, if it turns out their SEC filing is materially wrong, it shouldn’t be.”

Recent insider trading may also be related to Tesla’s three-to-one stock offering, which Tesla shareholders approved last week. We’ll keep an eye on Musk buying back those shares cheaply as the split progresses.





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