Musk sold Tesla stock for about $6.5 billion in three days

By: MRT Finance

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Elon Musk

The billionaire CEO of Tesla, Elon Musk, sold shares of his company worth about 6,500 million dollars in the past three days, according to documents published on Tuesday by the US stock exchange regulator.

On August 5, 8 and 9, Musk sold more than 7.5 million Tesla shares, with a total market value of approximately $6.5 billion, for reasons unknown at the moment.

Despite these sales, the South African billionaire still has 155 million shares of the electric vehicle manufacturer in his possession, with a market value at the end of the day on Tuesday of 131,000 million dollars.

Last weekend, Musk said that the deal to take over Twitter for 44,000 million dollars, which he broke in early July, could be closed if the company provides details on how he estimates the number of fake or “spam” accounts.

“If Twitter simply facilitates its method of sampling 100 accounts and how they are confirmed to be real, the deal should continue on the original terms,” Musk said in a message on the social network.

The businessman, meanwhile, stressed that if, on the contrary, it is shown that the information offered by Twitter to regulators is false, the operation could not be closed as agreed.

Musk notified in early July his intention to cancel the purchase of the technology, agreed between both parties for 44,000 million, to which it responded with a lawsuit in a court specialized in commercial disputes to force it to complete the operation.

The argument of the head of Tesla is that the social network did not give him the figures on false accounts that he required, while Twitter assures that this is only a pretext to avoid completing the operation, which is increasingly less attractive due to the fall in the price of the company and the loss of Musk’s assets as a result of the fall in the stock markets.

The trial to resolve the dispute will begin on Oct. 17 unless both sides reach an agreement on another date, according to case documents made public so far.

Twitter’s board of directors has invited its shareholders to vote on the purchase on September 13 and has asked them to give the green light to the operation as the last step to close it, although it acknowledged that it also depends on the “pending litigation” with the millionaire.

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