Tesla CEO Elon Musk sold 7.92 million Tesla shares for about $6.88 billion, according to a number of financial documents released Tuesday evening.
The SEC filings disclosed that his transactions took place between August 5 and August 9, which was after Tesla's 2022 annual shareholder meeting in Austin, Texas, on August 4.
The CEO of Tesla and SpaceX stated on social media earlier this year that he had "no further TSLA sales planned" following April 28.
The next week, it emerged from SEC filings that Musk had been selling a block of shares in his electric vehicle manufacturer valued at around $8.4 billion.
The social networking juggernaut Twitter, which the centibillionaire agreed to purchase in April for around $44 billion or $54.20 per share, is the subject of a heated legal dispute between the two parties.
Following that, the share price of Twitter and that of Tesla fell amid a general market fall.
By July 8, Musk announced on Twitter that the agreement was ending. He said Twitter understated the number of bots, spam, and phony accounts on its network and failed to provide him with all the facts he required to proceed with the transaction.
Twitter has filed a lawsuit to ensure that the Musk transaction closes at the agreed-upon price, which would be a bonanza for many of its shareholders.
Following the disclosure of Musk's most recent stock transactions on Tuesday, Tesla supporters and promoters questioned the celebrity CEO about whether he was done selling shares in the electric vehicle industry and whether he might ever purchase them back.
Musk answered "Yes" when asked if he had finished selling Tesla stock. Avoiding an emergency sale of Tesla stock is crucial in the (hopefully improbable) event that Twitter compels this deal to conclude and certain equity partners fail to materialize.
Musk did not disclose which equity partners he was concerned might back out of their commitments to fund a takeover of Twitter with him.
Early in May, Musk had secured equity funding from 19 different partners, including the cryptocurrency exchange Binance, Qatari Holding, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, and the venture capital companies Sequoia, DFJ Growth Fund, and Vy Capital.
In addition, he declared that if the acquisition of Twitter is not necessary, he will buy some of his shares back.
He said that he would think about starting his own social network, X.com, if the Twitter transaction fell through.
After hours, the price of Tesla stock was almost unchanged due to the news. Prior to Musk's insider trades for close to $7 billion being made public through SEC filings, Tesla stock ended Tuesday's trading session at $850, a decrease of little more than 2% for the day.
In addition, he declared that if the acquisition of Twitter is not necessary, he will buy some of his shares back.
He said that he would think about starting his own social network, X.com, if the Twitter transaction fell through.
After hours, the price of Tesla stock was almost unchanged due to the news. Prior to Musk's insider trades for close to $7 billion being made public through SEC filings, Tesla stock ended Tuesday's trading session at $850, a decrease of little more than 2% for the day.