According to six regulatory filings with the US Securities and Exchange Commission, Musk sold 7.92 million of his shares in the company. They happened from August 5 to August 9.
If the deal goes through, the CEO suggested that he sell the stock to raise cash, rather than risk a lower price for the stock.
It's important to avoid an emergency sale ofTesla stock in the event thatTwitter forces this deal to close and some equity partners don't come through.
He replied "Yes" when asked if he would buy shares again if the deal didn't go through.
A legal battle is taking place over Musk's acquisition of the social media platform. Musk said in May that he was putting the deal on hold until the company proved that less than 5% of its accounts were fake. According to the SEC filing, less than 5% of accounts on the platform were fake.
The billionaire said he was ending the deal. Musk was sued by the company for trying to back out of the acquisition.
If the social media platform reveals how it samples accounts to determine if they're real, the deal should proceed on original terms. If it is found that their SEC filings are false, then it should not happen.
On April 29th, Musk said he was not going to sell any more shares. Over the last 10 months, he has sold $32 billion worth of shares in the company. He now holds 155 million shares in the company.
Before the public filing about Musk's latest share sale were made public, the shares of the company closed lower. So far this year, they have lost 29% of their value, since Musk said he would buy them.
All Rights Reserved © 2024
