Elon Musk sells 7.92 million Tesla shares valued at .88 billion

Elon Musk sells 7.92 million Tesla shares valued at $6.88 billion

NEW YORK, NEW YORK – MAY 2: Elon Musk attends the 2022 Met Gala celebrating In America: An Anthology of Fashion at Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue)

Dimitrios Kambouris | Getty Images Entertainment | Getty Images

Tesla CEO Elon Musk sold 7.92 million shares of Tesla worth about $6.88 billion, according to a set of financial documents released Tuesday night.

Its transactions took place between Aug. 5 and 9, SEC filings revealed, following Tesla’s 2022 annual shareholders meeting on Aug. 4 in Austin, Texas.

Earlier this year, the CEO of Tesla and SpaceX said on social media that he had “no further TSLA sales planned” after April 28th

This week, SEC filings revealed that Musk had sold an approximately $8.4 billion stake in his electric-car maker.

The hundred billionaire is in the midst of a contentious legal battle with Twitter, the social networking giant, which he agreed to acquire in April for about $44 billion, or $54.20 per share.

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Amid a general market decline, Twitter’s share price and Tesla share price fell. Musk said he was canceling the deal and accused Twitter of not giving him all the information he needed to make the acquisition.

He also accused Twitter of underestimating the number of bots, spam and fake accounts on its platform.

On July 8, Musk announced on Twitter that he was exiting the deal.

Twitter has sued to ensure the Musk deal goes through at the promised price, which would be a godsend for many of its shareholders.

Tesla shares were trading almost unchanged after the close of business on the news. Shares of Tesla closed at $850 on Tuesday, down just over 2% for the day before the CEO’s insider selling was revealed through SEC filings.