Tesla founder Elon Musk sold 7.9 million shares of the company worth $6.88 billion, according to filings with the US Securities and Exchange Commission (SEC).
According to those filings, the sell-off took place on Friday, when Tesla shares fell 6.6%, Monday, when they rose modestly, by 0.8%, and Tuesday, when they fell again in prices — by 2.4%. Earlier, Musk had already sold $4 billion worth of Tesla shares after concluding an agreement to buy the social network Twitter, announcing that he would not sell shares in the car company in the future. He needed the free money to finance part of the purchase.
In April, Musk offered $44 billion for Twitter but then demanded to verify the company’s data that the number of fake accounts used, including spamming, does not exceed 5%. Later, Musk informed Twitter about the rejection of the purchase of the social network, explaining this by exercising his right to terminate the agreement. According to Musk, the social network underestimated the number of false accounts and also did not provide the necessary information. The social network filed a lawsuit against the businessman in the Delaware state court.