Elon Musk Sells $6.88 Billion Worth Of Tesla Shares
Tesla CEO Elon Musk has sold 7.9 million shares of Tesla, raising $6.88 billion with the sales. This marks the first sale of Tesla shares by Musk since April when he sold 9.6 million shares and raised $8.5 billion. At the time, he had just reached a deal to buy Twitter. But he recently backed out of the deal, prompting the company to sue Musk to force him to go ahead with the purchase. Musk's filings did not disclose the reason for the stock sales. But he cited the potential need to purchase Twitter as the reason for this most recent sale. Tesla shares have lost nearly 20% of their value so far this year. "This is the last thing Tesla investors wanted to see. It's a near-term gut punch," Daniel Ives, tech analyst for Wedbush Securities.