“Elon Musk took advantage of the recent rebound in the share price of Tesla,” the electric car maker of which he is the chief executive and majority shareholder, to sell nearly 7.9 million shares between August 5 and 9, writes The Financial. Times, citing a document filed by US stock market authorities. The operation, which brought him almost $7 billion (6.84 billion euros), was completed at an average price of $869 per share. In May, the price of Tesla fell to $620, a British newspaper recalls.
It was weeks after the eccentric billionaire announced his intention to buy Twitter for $44 billion. To prepare for the acquisition of the social network, he then sold $ 8.5 billion of Tesla shares, and investors feared that he would be forced to go further. In July, when Elon Musk finally unilaterally decided to ditch Twitter, Tesla’s stock price rose.
Unfortunately for him, Twitter doesn’t hear it that way. The group went to Delaware court to order the businessman to buy it out. The trial is due in October.
That’s why Elon Musk is taking precautions today. On his Twitter account, he explains that he wants to “avoid an emergency sale of Tesla stock” in the “fortunately unlikely” scenario where he is forced to take control of Twitter and some of his financial partners do not follow him.
Musk still owns 15% of Tesla, according to the Wall Street Journal. And “his net worth is about $250 billion.”
Unknown element Unknown element Unknown element Unknown element Unknown element