Elon Musk only owns 15% of Tesla

Elon Musk only owns 15% of Tesla

Elon Musk has resold nearly $7 billion worth of Tesla stock. Sale linked to Twitter.

There are those who stock market. And there’s Elon Musk. The latter announced that he had sold 6.9 billion Tesla shares this week. The reason? The brand’s boss explained in a tweet that it was related to his business and Twitter.

A little background for those who haven’t followed this story. In the spring, Elon Musk wanted to buy the social network, for a small sum of 44 billion dollars. But, at the beginning of July, he gave up, accusing Twitter of not fulfilling its legal obligations, especially for hiding a good number of fake accounts on the Internet.

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Twitter took the case to court, hoping to force Musk to buy it for 44 billion euros, while its stock price has fallen. So Elon Musk wanted to “avoid an emergency sale of Tesla’s securities” if he had to buy Twitter, which he hopes is unlikely. The trial is scheduled for mid-October.

To finance his initial venture, he had already sold Tesla shares for $8.5 billion in April. Since the beginning of the year, he has sold more than 32 billion shares. Others are also beginning to think that the Twitter issue is a smoke screen to allow Musk to sell Tesla shares without warning the markets.

With his weekly sales, the trader no longer owns “only” 14.8% of Tesla. But it is still worth 132 billion dollars!