Musk, the world’s richest person, had said in April that there were “no further TSLA sales planned” – after he sold $8.5bn worth of shares in the company back then. Tesla shares have risen about 35 percent from this year’s lows, though are still down about 20 percent this year. The latest sales bring total stock sales by Musk to about $32bn in less than one year. The bear market rally has started to falter, and further repricing of Fed expectations could mean more pain for equities ahead, especially in tech.” “The timing of the sale – just ahead of the US CPI release – does say something, though.
“He certainly is clarifying that he is cashing up for Twitter,” said Charu Chanana, strategist at Saxo Capital Markets Pte in Singapore.
#Tesla twitter trial
The two sides head to trial on October 17. Musk tore up his April 25 agreement to buy the social media platform and the two sides face a drawn-out legal battle that could still cost Musk billions of dollars.
#Tesla twitter series
He now owns 155.04 million shares in Tesla.Īs speculation mounted over the reason for the disposal, Musk responded in a series of late-night tweets, saying he wanted to avert an emergency sale of stock.Īsked by followers if he had finished selling Tesla shares and would buy the stock again if the deal does not close, Musk responded: “Yes.”īut legal experts have suggested that if Musk loses his battle against Twitter and is forced to complete the acquisition or pay a stiff penalty, he could conceivably have to sell more Tesla shares. Musk sold about 7.92 million shares on August 5, according to a series of regulatory filings that landed after US markets closed on Tuesday. Hector Retamal / AFP - Getty Images fileĬhina is crucial to Musk's business, with Tesla facing intensifying competition from Chinese-made electric vehicles and some recent backlash over safety and data security concerns, which Musk previously sought to ease.Tesla Inc Chief Executive Officer Elon Musk sold $6.9bn worth of shares in the electric vehicle maker, tweeting it was important to avoid an emergency sale of Tesla stock amid a legal showdown with Twitter Inc over a $44bn takeover deal. Tesla's factory in Shanghai is crucial to the company's electric vehicle output. He last visited Tesla’s Shanghai factory in 2020. Musk left Shanghai on Thursday, ending his first visit to China in three years as the country once again courts global business after the lifting of Covid-19 restrictions. "Despite his self-proclaimed detest for censorship and willingness to challenge it, he is behaving properly for his CCP host," said Yaqiu Wang, a senior researcher for Human Rights Watch, referring to the initials of the Chinese Communist Party. But while in China Musk was not as active as usual on Twitter, the site he owns that is officially blocked in the country. He has over 2 million followers on Weibo, with thousands of likes on his most recent posts. Musk, who this week became the world's richest person again according to the Bloomberg Billionaires Index, has long been a popular figure on Chinese social media.
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