Elon Musk sold $6.88 billion worth of Tesla shares, SEC filings show

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Elon Musk sold $6.88 billion worth of Tesla shares, SEC filings show

According to a series of financial filings released Tuesday night, Elon Musk sold 7.92 million shares of Tesla for around $6.88 billion.

The Securities and Exchange Commission filings reveal that his transactions occurred between Aug. 5 and 9 after Tesla's annual shareholder meeting on Aug. 4 in Austin, Texas.

After April 28, the Tesla and SpaceX CEO said on social media that he had no more TSLA sales planned.

The week after SEC filings revealed that Musk had sold a block of shares in his electric car maker, worth about $8.4 billion.

The billionaire is in the midst of a legal battle with Twitter, the social networking giant he agreed to acquire in April for $44 billion or $54.20 per share.

Amid an overall market decline, Twitter's share price and the price of Tesla shares dropped after that.

By July 8, Musk told Twitter he was terminating the deal. Twitter has sued to make sure the Musk deal goes through for the promised price, which would result in a windfall for many of its shareholders.

After Musk s latest stock sales were revealed, Tesla fans and promoters asked the celebrity CEO if he was done selling shares in the electric vehicle business, and if he might buy shares back in the future.

Musk replied if he was done selling Tesla shares. 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. Musk didn't specify which equity partners he feared would abandon plans to finance a Twitter take-private transaction with him.

In early May, Musk had lined up equity financing from 19 different partners, including Saudi Arabia s Prince Alwaleed Bin Abdulaziz Alsaud, Qatari Holding, venture firms Sequoia, DFJ growth fund, Vy Capital and the criptocurrency exchange Binance.

He also said he would buy some of his shares back if he doesn't have to go through with the Twitter acquisition.

If the Twitter deal doesn't go through, he's going to create his own social platform, X.com, he said.

After hours on the news, Tesla shares were trading nearly unaffected. The shares in Tesla closed at $850, down just over 2% for the day on Tuesday, before Musk s insider sales of nearly $7 billion were made public through SEC filings.