The SEC filing showed that the Tesla shares were sold between August 5 and 9, a move Musk made after Tesla’s annual shareholder meeting that was held in Austin on August 4th.
Elon Musk, the Chief Executive Officer (CEO) of American electric vehicle manufacturing giant, Tesla Inc (NASDAQ: TSLA) has sold off another 7.92 million EV maker shares. According to a recent filing lodged with the United States Securities and Exchange Commission (SEC), the total sales of the shares came in at about $6.88 billion in terms of monetary valuation.
While there are a series of monetary obligations that Elon Musk can use the cash for, he did not come out openly to state what the newly liquidated capital will be used for.
With a bout of Tesla liquidations known to have been initiated in the past few months to offset his tax obligations, the vocal billionaire had confirmed earlier that there were no planned sales of Tesla stock beyond April 28 of this year, but the recent offload has proven that events may somehow make the situations uncontrollable.
Thus far, Elon Musk has sold as much as $8.4 billion worth of Tesla shares as of April 28 when Musk affirmed he would not be making any more premature sales.
The SEC filing showed that the Tesla shares were sold between August 5 and 9, a move Musk made after Tesla’s annual shareholder meeting that was held in Austin on August 4th.
Uncertainty for Potential Future Tesla Shares Sale
Following the latest announcement of the Tesla shares sale, a Twitter user, Sawyer Merritt asked Elon Musk whether he is done selling. In response, Elon Musk tweeted saying ‘Yes,’ adding that:
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”
Elon Musk entered into a partnership with the Twitter board to acquire the social media giant for $44 billion or $54.20 per share back in April. Despite the enthusiasm that followed the bid and the approval, Musk has accused Twitter of being untruthful with respect to its disclosure about spam or fake accounts and bots that are present on the platform.
Consequently, Musk said he was pulling out of the deal in July as the billionaire and the Twitter board were unable to come to a soothing compromise for both parties. Twitter has taken Musk to court in order to enforce the acquisition, and this represents the insight Musk gave in his tweet that the lawsuit may favor the social media company and as such, he has to be prepared.
Yes
— Elon Musk (@elonmusk) August 10, 2022
With a mantra to herald free speech, Elon Musk has garnered interest from a number of investors including Binance Exchange, Sequoia Capital, and Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud amongst others. While not very explicit, Elon Musk is also preparing for a scenario when one of these does not come through per his tweet which will necessitate further TSLA selloffs. Should the lawsuit end in Musk’s favor and the Twitter acquisition was not enforced, he confirmed plans to buy back some of the shares he has sold.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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