Elon Musk sells Tesla shares worth $6.88 bn

August 10, 2022 12:14

Photograph: Hannibal Hanschke/Reuters

Elon Musk, the world's richest man, has sold 7.92 million shares of Tesla Inc worth around $6.88 billion, as per a series of regulatory filings by the company.

According to the Securities and Exchange Commission (SEC), Elon Musk, CEO, Tesla Inc, sold around 7.92 million shares of the company between August 5 and August 9.

Musk has sold Tesla shares just months after declaring that he would not sell any more stock of the company.

"No further TSLA sales planned after today," Elon Musk had said in a tweet on April 29.

Tesla share price has slumped by around 30 per cent so far this year. The scrip traded at around $850 on Tuesday.

Musk is involved in a high-stakes legal battle with microblogging site Twitter.

Twitter recently sued Musk after he decided to back out of the $44 billion takeover deal.

In April, Musk reached an acquisition agreement with Twitter at $54.20 per share in a transaction valued at approximately $44 billion. However, Musk put the deal on hold in May to allow his team to review the veracity of Twitter's claim that less than 5 per cent of accounts on the platform are bots or spam.

Back in June, Musk had openly accused the microblogging website of breaching the merger agreement and threatened to walk away and call off the acquisition of the social media company for not providing the data he has requested on spam and fake accounts.

Musk alleged that Twitter is "actively resisting and thwarting his information rights" as outlined by the deal, CNN reported, citing the letter he sent to Twitter's head of legal, policy and trust, Vijaya Gadde.

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