(Image source from: Reuters.com)
Elon Musk, the CEO of Tesla Inc has sold off the shares worth 6.8 billion USD as per the reports. Elon Musk has sold 32 billion USD worth of shares and stock in Tesla in the past ten months. The news created a sensation across the financial circles. A total number of 7.92 million shares of Tesla are sold between August 5th and 9th. The results are known as per the regulatory filings by Tesla. The news has been out from the Securities and Exchange Commission (SEC). Elon Musk took the move after he announced that he would not sell a single share of Tesla in the recent times. Elon Musk made this tweet on April 29th.
The shares of Tesla saw a downfall by 30 percent this year till date. The scrip traded at 850 USD on Tuesday. Elon Musk has been in a legal battle with top social media platform Twitter and he has been in a high stake. Twitter sued Elon Musk after he announced that he backed out of the 44illion USD takeover deal. Elon Musk inked an agreement with Twitter in April for 54.20 USD per share and the transaction was valued at 44 billion USD. Elon Musk decided to put the deal on hold in May as his team wanted to review the veracity of the claim of Twitter. Musk claimed that close to 5 percent of the accounts of Twitter are spam or bots. He also accused Twitter of breaching he merger agreement and announced that he would walk away.