Tesla CEO Elon Musk has sold 7.92 million shares of Tesla worth about $6.88 billion, according to a series of financial filings released Tuesday night.
His transactions took place between August 5 and 9, the filings of the Securities and Exchange Commission revealed, after Tesla’s 2022 annual shareholder meeting on August 4 in Austin, Texas.
Earlier this year, the CEO of Tesla and SpaceX said on social media that he “no further TSLA sales planned” after April 28.
That week, SEC deposits revealed that Musk has a block of shares in his electric car maker worth about $8.4 billion.
The billionaire is in the midst of a controversial legal battle with Twitter, the social networking giant he agreed to acquire in April for about $44 billion or $54.20 a share.
Amid a general decline in the market, Twitter’s share price and the price of Tesla shares fell afterward.
On July 8, Musk told Twitter that he was canceling the deal. He accused Twitter of not providing him with all the information he needed to proceed with the acquisition, and of underestimating the number of bots, spam and fake accounts on his platform.
Twitter has filed suit to ensure the deal with Musk goes through at the promised price, which would be a windfall for many of its shareholders.
On Tuesday, after Musk’s latest stock sales were revealed, Tesla fans and promoters asked the celebrity CEO if he was done selling shares in the electric car industry and if he could buy back shares in the future.
When asked if he was done selling Tesla stock, Musk replied, “Yes. In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t make it through, it’s important to emergency sale of Tesla stock.
Musk did not specify which equity partners he feared would abandon plans to fund a Twitter take-private transaction with him.
The beginning of May, Musk had lined up equity financing from 19 different partners, including Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Qatari Holding, venture firms Sequoia, DFJ growth fund, Vy Capital and the cryptocurrency exchange Binance.
He also said he would buy back some of his shares if he doesn’t have to go through with the Twitter acquisition.
Tesla stock was trading on the news almost right after hours. Shares in Tesla closed at $850 on Tuesday, down just over 2% for the day on Tuesday, before Musk’s insider sales worth nearly $7 billion were made public via SEC filings.