Yesterday, Elon Musk announced the sale of Tesla shares worth nearly $7 billion, according to the Wall Street Journal. (WSJ). The sale comes amid a legal battle with the Twitter platform. Thus, the sale of 7.9 million shares will leave the mogul with only 15% of Tesla shares.
Elon Musk continues to sell shares of Tesla
Elon Musk According to the Wall Street Journal, he bought a stake in the electric car maker worth about $32 billion. So this is not the first time Musk relinquishes his Tesla shares.
In April 2021, the mogul sold about $8 billion worth of shares. At that time, Musk It was said he had no plans to cut TSLA sales after that day. However, it seems like his Twitter drama has made him change his mind.
Influenced by the news, Tesla’s share price plummeted. TSLA was trading around $938 last Thursday, August 4 and dropped to a low of $843 on Monday, August 8.
Read: FTX Announces FTX Pay Integration to Reddit Community Spots.
Litigation between Twitter and Elon Musk
Tesla’s stock sale comes amid uncertainty over $44 billion deal Musk buy twitter. The contradiction between Musk and Twitter debuted last April when it was revealed that Musk acquired shares in the social network, which gave him a 9.2% stake in the company.
However, in June Musk abandoned her plan to take over Twitter. He cited oversights on the part of the social network’s board of directors, claiming that the latter never offered him information regarding bots or fake accounts.
Thus, the process of legal action and counterclaims began between Elon Musk and Twitter. The trial is scheduled for October. If the judge makes Musk It may have to pay an additional $33 billion in equity capital to complete the deal, according to regulators.
As a reminder Musk is a cryptocurrency enthusiast who owns multiple cryptocurrencies both personally and through his companies SpaceX, Tesla and The Boring Companywhich accept all cryptocurrencies as payment in one capacity or another.