Elon Musk sold nearly $7 billion in Tesla stock amid a legal dispute with Twitter

It was announced that Elon Musk had sold almost $7 billion in Tesla shares. The sale of 7.9 million shares would leave the tycoon with a stake of only 15% in Tesla.

Elon Musk and continuous sales of Tesla shares

As reported, Elon Musk had accumulated approximately $32 billion worth of shares in the electric vehicle maker. Last April, the tycoon sold around $8 billion in shares. At the time, the richest man in the world declared that “no more Tesla sales are planned after today.” But it seems that his Twitter drama has caused him to reverse that decision.

Amid the news, Tesla’s stock has registered a major drop. Last Thursday, August 4, TSLA was trading at about $938, falling to a low of $843 on Monday, August 8.

The controversy between Musk and Twitter began last April when it was revealed that Musk bought shares of the social network, giving him ownership of 9.2% of the company. However, two months later, Musk backed out on his deal to buy Twitter. He cited omissions by the social network’s board of directors, arguing that the social network never offered him information related to bots or fake accounts.

From that moment, the process of lawsuits and counterclaims kicked off between Elon Musk and Twitter. Musk is a cryptocurrency enthusiast, or you can say Dogecoin enthusiast, holding an array of crypto both personally and via his companies SpaceX, Tesla, and The Boring Company, all of which accept crypto in payment in some capacity.

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