Despite saying as recently as April that he had no plans to sell any more, Musk quietly sold almost $7 billion worth ofTesla stock. The billionaire continues to fight with the social media company over his attempt to back out of buying it.
According to Musk, he sold the stock in the unlikely event that he had to buy the company. He made the claim on the social networking site.
It is important to avoid an emergency sale ofTesla stock in the event that the deal is forced to close.
According to the SEC filing, Musk sold 7.92 million shares of the company for a grand total of $ 6.9 billion.
In April, Musk sold about 9.6 million shares for about $8.5 billion. When the stock was near an all-time high, Musk sold $5 billion of shares.
After hitting a low of $620 per share in late May, and bouncing to $925 per share just before Musk sold his most recent batches, it makes sense that he sold at that time.
It is likely that Musk is trying to get his ducks in a row before a judgement is made on his purchase of the micro-blogging site. The company completely destroyed Musk's excuses for trying to back out of the deal in a recent court filing.
Before he tried to kill the deal, Musk tried to argue that he doesn't want to buy the company anymore because there are too many bot. Due diligence would have allowed Musk to conduct a lot of research on the inner workings of the company before he signed off on the deal.
After news of Musk's latest sale hit the wires, people pointed out a 9-year-old message from Musk.
Just as my money was the first in, it will be the last out, Musk said at the time.
It is a good joke with hindsight, though it may not be so funny to the people who own shares in the company. They are the joke in all of this.
Will Musk attempt to sell more shares of the company? This is the last of it, according to the CEO of the company. If the deal doesn't happen, Musk will buy more stock from the company. We know how much we can depend on Musk.
All Rights Reserved © 2024
