Latest News

: Elon Musk offloads nearly $7 billion in Tesla stock amid Twitter fight

Elon Musk sold almost $7 billion in Tesla Inc. stock in recent days, according to filings Tuesday with the Securities and Exchange Commission.

According to the filings, the Tesla chief executive sold around 7.9 million shares between Friday and Tuesday, at prices ranging from $838.57 to $911.75 — roughly $6.88 billion in total.

Last week, Tesla shareholders approved plans for a 3-for-1 stock split, which will take place Aug. 24. Trading will begin on a stock split-adjusted basis on Aug. 25, the company said in a regulatory filing.

Musk last sold a tranche of Tesla stock — about $4 billion worth — in April, after agreeing to buy Twitter Inc.

for $44 billion, a deal he is now trying to get out of. In an April 28 tweet, he said:  “No further TSLA sales planned after today.”

Late last year, Musk sold about 10% of his stake in the electric-car company, selling about $16 billion worth of stock, largely to pay taxes. But over that time he also exercised options to buy about 16.4 million stock options at about $6.24 a share, actually increasing his stake in Tesla.

Musk is the wealthiest person in the world, as ranked by the Bloomberg Billionaires Index, with a fortune of around $250 billion.

Tesla shares

have fallen nearly 20% year to date, compared to the S&P 500’s roughly 14% decline.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *