Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NEW YORK - MAY 02: Elon Musk attends The 2022 Met Gala Celebrating “In America: An Anthology of Fashion” at The Metropolitan Museum of Art on May 02, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue)

Musk sold 7.92 million shares of the company for $6.88 billion.

He made transactions between August 5 and August 9.

The CEO of the two companies said on social media that he wouldn't be selling TSLA after April 28.

The SEC revealed that Musk had sold a block of shares in his company.

The centi-billionaire is in the middle of a legal battle with the social networking giant he agreed to acquire in April.

The price ofTesla shares fell as the market declined. Musk said he was ending the deal because he didn't get all the information he needed.

He said that the number of fake accounts on the platform was overstated.

Musk told his followers that he was ending the deal.

The deal would represent a windfall for many of the company's shareholders.

After hours, the shares were almost unchanged. On Tuesday, before the CEO's insider sales were made public, shares in the company were down 2%.