Elon Musk Sold $7B Of Tesla Shares As The Battle With Twitter Intensifies

According to the report, Elon Musk continues to sell 7.92 million Tesla shares at a valuation of nearly $7 billion. The deal comes amid an increasingly tense battle between Elon Musk and Twitter. Tesla’s stock price is currently trading at $883.

Elon Musk Sells 7.92 Million Tesla Shares

According to a report by The Wall Street Journal (WSJ), in the context of Twitter’s lawsuit against Elon Musk approaching, the billionaire sold 7.92 million shares of Tesla at a valuation of nearly $7 billion. After the deal, Musk only has a 15% stake in Tesla left.

Last April, the tycoon sold round 8 billion dollars in shares. At the time, the richest man in the world declared that “no more Tesla sales are planned after today”. But it seems that the tension before the lawsuit with Twitter changed the billionaire’s decision.

With the recent unfavorable news surrounding Elon Musk, Tesla’s stock price plummeted. On August 8, Tesla shares recorded their lowest drop at $843. Currently Tesla stock is trading at $883.

The controversy between Musk and Twitter began in April, when it was revealed that Musk had purchased shares of this social network, giving him 9.2% ownership of the company.

However, two months later, Musk rejected the deal to buy Twitter. He cited the shortcomings of the social network’s board of directors, arguing that the social network never provided him with information regarding bots or fake accounts.

However, Twitter disagrees with this disclaimer and claims to pursue legal action to close the transaction. Since that time, the process of lawsuits and counterclaims between Elon Musk and Twitter.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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