Elon Musk’s decision to sell Tesla stock contradicted him

Remember in April when Tesla CEO Elon Musk said there was no more TSLA sales planned? The Securities and Exchange Commission SEC filed new documents with the Securities and Exchange Commission showing that Musk sold 7.92 million Tesla shares worth $6.88 billion. The transactions happened earlier this week.

Musk's action to sell Tesla shares contradicted the statement he made just less than four months ago when he said on social media that he had no more TSLA sales planned after April 28.

Musk said the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform and could be used in his decision to sell another shares of Tesla.

When asked by one of his 100 million fans if he was done selling Tesla shares, Musk replied: Yes. In the 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. In the 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 is currently in the midst of a legal battle with Twitter after backing out of the deal to acquire the social media giant in April for $44 billion due to spam and bot issues.

The agreement will give Twitter stockholders $54.20 in cash for each share of the common stock they own upon closing the proposed transaction.

The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his 9% stake in Twitter. Musk needed to raise $21 billion in equity to take over the social media giant, as a result of his Tesla stock.