Tesla Founder and CEO, Elon Musk, has sold 19.5 million shares of Tesla. The filings from the Securities and Exchange Commission reveal that Musk has sold over $3.95 Billion. So far, Musk has not explained the reason for this sale. However, Tesla’s stock continues to struggle. It fell by 2.93% in the last 24 hours and fell a further 0.68% in the after-hours.
Why Is Elon Musk Selling Tesla Shares
Elon Musk is currently handling a smooth transition of power at the newly acquired Twitter. Musk initially offered to purchase Twitter at $44 billion. This equates to a price of $54.20 per share. However, Musk pulled out of the deal claiming that Twitter underreported its bots issue. Twitter sued Musk to force him to buy the company at the initial offer.
The last time Musk sold his Tesla shares, he was engaged in a legal battle with Twitter. He informed his followers that the sale was a preparation for an emergency scenario in case Twitter forces him to close the deal. He also stated that he
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