Musk Reportedly Sells Almost $7 Billion in Tesla Shares After Quitting Twitter Deal

In the last 10 months, Musk has sold shares in the electric vehicle manufacturer valued at almost $32 billion. The CEO's motivation for selling the shares was not immediately apparent, according to the report.

According to regulatory disclosures made on Tuesday, Elon Musk sold $6.9 billion worth of shares in Tesla Inc, Bloomberg reported on Tuesday.

According to the report, this is the first time he has sold Tesla stock since abandoning his attempt to acquire Twitter Inc. The shares were reportedly sold by Tesla's CEO on August 5.

Late last year, Tesla's stock plummeted when Musk sold his first shares in more than five years for more than $16 billion. After polling his army of Twitter followers to determine whether or not to reduce his ownership, Musk began the disposals in November 2021.

Since their most recent low in May, the shares have increased by nearly 35%, but dropped about 2.4% on Tuesday, the market data shows. According to the Bloomberg Billionaires Index, Musk is the richest person in the world with a fortune worth $250.2 billion. And as Tesla shares declined from approximately $1,200 at the beginning of the year, his fortune decreased by $20 billion this year.

Last month, as Twitter made "representations" about the quantity of spam bots using the service, Musk announced the cancellation of his $44 billion deal to buy the firm and take it private.

Since then, Twitter has filed a lawsuit to compel Musk to complete the transaction. A Delaware Chancery Court trial has been scheduled for October this year.

The acquisition "should proceed on original terms," Musk wrote in a tweet over the weekend as he challenged the company's CEO Parag Agrawal to a public debate over the matter, if Twitter provides its technique of sampling accounts to ascertain the number of bots and how they are validated to be real.