Tesla CEO Elon Musk has sold 7,924,107 shares of his company worth nearly $6.9 billion, saying he might need the cash in the unlikely event that he is forced by the court to close the Twitter deal, Tesla North is reporting.
Musk sold the shares on August 5, August 8, and 9, according to the SEC filings.
Replying to Tesla investor @SawyerMerritt, who asked if he was done selling, Musk said “Yes.”
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk continued.
BREAKING: Elon Musk has filed a total of six Form 4s with the SEC tonight showing that he sold 7,924,107 $TSLA shares worth about $6.9 Billion.
Weighted average price was $869.09.
The sales took place on August 5th, 8th and 9th. pic.twitter.com/SueP2AYGNR
— Sawyer Merritt 📈🚀 (@SawyerMerritt)
“Musk selling TSLA stock after he said no more sales will lead the Street to focus on chances of Twitter deal happening and Musk preparing cash portion,” said Wedbush’s Daniel Ives.
Yes.
In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.
— Elon Musk (@elonmusk)
Ives added that Musk’s tweet “confirms our thoughts on Twitter.”
