Musk sells 7.92 million Tesla shares valued $6.88 billion.
According to a series of financial filings released Tuesday night, Tesla CEO Elon Musk sold 7.92 million shares of Tesla for around $6.88 billion.
According to SEC filings, his trades occurred between Aug. 5 and 9, following Tesla's 2022 annual shareholder meeting on Aug. 4 in Austin, Texas.
Earlier this year, Tesla and SpaceX CEO Elon Musk stated on social media that "no additional TSLA sales are planned" after April 28.
That week, SEC papers revealed Musk had sold a block of shares in his electric car company worth approximately $8.4 billion.
The billionaire is embroiled in a court dispute with Twitter, the social networking behemoth he agreed to buy in April for $44 billion, or $54.20 per share.
Following that, Twitter's share price and Tesla's share price fell in response to a general market decrease.
Musk announced the termination of the agreement on Twitter on July 8. He accused Twitter of not providing him with all of the facts he required to proceed with the acquisition, as well as understating the number of bots, spam, and phony accounts on its network.
Twitter has filed a lawsuit to ensure that the Musk deal is completed for the agreed-upon price, which would represent a windfall for many of its shareholders.
Musk's recent stock transactions were published on Tuesday, prompting Tesla fans and promoters to ask the celebrity CEO if he was done selling shares in the electric vehicle industry, and if he might purchase them back in the future.
Musk responded, "Yes. I'm done selling Tesla shares." If Twitter compels this deal to close and some equity partners fail to come through, it is critical to avoid an emergency sell of Tesla stock."
Musk did not name the equity partners he thought would abandon plans to fund a Twitter takeover with him.
Musk has secured equity investment from 19 different partners as of early May, including Saudi Arabia's Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Qatari Holding, venture firms Sequoia, DFJ development fund, Vy Capital, and cryptocurrency exchange Binance.
He also stated that if the Twitter acquisition is not completed, he will buy back part of his shares.
If the Twitter agreement falls through, he will consider launching his own social site, X.com.
Tesla shares were practically flat after hours on the news. Tesla shares finished at $850, down little more than 2% on the day, before Musk's insider trades of over $7 billion were made public through SEC filings.
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