{"id":97937,"date":"2022-08-10T16:26:57","date_gmt":"2022-08-10T15:26:57","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=97937"},"modified":"2022-08-10T16:26:57","modified_gmt":"2022-08-10T15:26:57","slug":"elon-musk-sells-nearly-7-billion-worth-of-tesla-shares-amid-battle-with-twitter","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/elon-musk-sells-nearly-7-billion-worth-of-tesla-shares-amid-battle-with-twitter\/","title":{"rendered":"Elon Musk Sells Nearly $7 Billion Worth Of Tesla Shares Amid Battle With Twitter"},"content":{"rendered":"<div dir=\"auto\" style=\"text-align: justify;\">Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal.<\/p>\n<p>The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission\u2019s website on Tuesday.<\/p><\/div>\n<div dir=\"auto\">\n\u201cIn the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don\u2019t come through, it is important to avoid an emergency sale of Tesla stock,\u201d Musk, the world\u2019s richest man, wrote on Twitter late Tuesday.<\/p>\n<p>Twitter is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from the April agreement to buy the company, and a judge has ordered that a trial will begin in October.<\/p>\n<p>Musk has filed a countersuit, accusing Twitter of fraud and alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout.<\/p>\n<p>The move comes after Musk sold around $8.5 billion worth of shares in the electric carmaker in April as he was preparing to finance the Twitter deal. He tweeted at the time: \u201cNo further TSLA sales planned after today.\u201d<\/p>\n<p>Tesla rose 3.4 per cent to $879 before the start of regular trading Wednesday, while Twitter jumped 4.3 per cent to $44.69, Bloomberg reported.<\/p>\n<p>Musk has now sold about $32 billion worth of Tesla shares since November.<\/p>\n<p>\u201cHe is cashing up for Twitter,\u201d Charu Chanana, a strategist at Saxo Capital Markets told Bloomberg News.<\/p>\n<p>Chanana said she believed Musk may be attempting to take advantage of a Tesla share price rebound of about 35 per cent since late May.<\/p>\n<p>\u201cThe bear market rally has started to falter, and further repricing of Fed expectations could mean more pain for equities ahead, especially in tech.\u201d<\/p>\n<p>Analysts say Musk may continue selling Tesla stock.<\/p>\n<p>\u201cMusk said at the Tesla shareholder meeting that any weakness in the share price was a buying opportunity, and then 24 hours later started selling stock himself,\u201d Jim Dixon, a senior equity sales trader at Mirabaud Securities, told Bloomberg News.<\/p>\n<p>Dixon added that it was \u201cvery unlikely\u201d that Musk was finished selling Tesla stock.<\/p>\n<p>Tesla share prices have been tied to the fate of Musk\u2019s Twitter deal in recent weeks, first slumping over concerns that pursuing the deal could distract him and lead to unnecessary financial risk, and then rebounding when he said he wanted to abandon the takeover.<\/p>\n<p>Musk\u2019s deal to buy Twitter included a provision that if it fell apart, the party breaking the agreement would pay a termination fee of $1 billion under certain circumstances.<\/p>\n<p>At a net worth of $250 billion, Musk tops the Bloomberg Billionaires Index, although he has lost $20.1 billion since the start of the year, mainly due to the decline in Tesla\u2019s stock price.<\/p>\n<div class=\"yj6qo\" style=\"text-align: justify;\"><\/div>\n<div class=\"adL\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal. The Tesla&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":97940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-97937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Elon Musk Sells Nearly $7 Billion Worth Of Tesla Shares Amid Battle With Twitter - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/elon-musk-sells-nearly-7-billion-worth-of-tesla-shares-amid-battle-with-twitter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk Sells Nearly $7 Billion Worth Of Tesla Shares Amid Battle With Twitter - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal. 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