Elon Musk has again sold nearly $7 billion worth of Tesla shares. A sale tied to Twitter.
There are those who stock market. And there is Elon Musk. The latter announced that he had sold 6.9 billion Tesla shares this week. The reason ? The brand’s boss explained in a tweet that it’s related to his business with Twitter.
A little background for those who haven’t followed this story. In the spring, Elon Musk wanted to buy the social network, for the modest sum of 44 billion dollars. But, at the beginning of July, he gave up, accusing Twitter of not fulfilling its legal obligations, in particular by hiding the good number of fake accounts on the network.
Tesla will survive even if Elon Musk is abducted by aliens
Twitter took the case to court, hoping to force Musk to buy it back for 44 billion euros, while its share price has since plunged. Elon Musk therefore wanted to “avoid an emergency sale of Tesla securities” if he is forced to buy Twitter, a scenario he hopes is unlikely. The trial is scheduled for mid-October.
To finance his initial project, he had already sold Tesla shares for $8.5 billion in April. Since the start of the year, it has sold more than 32 billion shares. Some are also beginning to think that the Twitter affair is a smokescreen to allow Musk to sell Tesla shares without alerting the markets.
With his sale of the week, the businessman no longer holds “only” 14.8% of Tesla. But it still has a value of 132 billion dollars!