New York (CNN Business)Tesla CEO Elon Musk recently sold 7.9 million shares of Tesla for $6.9 billion. raised dollars.
The Friday-to-Tuesday sales were disclosed in a series of documents filed with the Securities and Exchange Commission late Tuesday night. Musk's sale of Tesla shares is the first since April, when he sold9.6 million shares,raising $8.5 billion at the time.
This April sale came shortly after Musk signed a deal to acquire Twitter for his $44 billion. However, he announced a month ago that he does not plan to make the transaction, and Twitter management has confirmed that user accounts are bots and spam accounts, not accounts run by real humans. claimed to have failed to disclose material information about the number of Twitter (TWTR) immediately filed a lawsuit, April.
Musk's filing did not disclose the reasons for the sale of shares. However, when someone asked him on Twitter if he had sold Tesla shares, he said yes, pointing to the possible reason for the sale as being forced to buy Twitter.
"If Twitter forces this deal to end and some of our equity partners fail to reach an agreement (which we believe is unlikely), it is important to avoid an emergency sale of Tesla shares. Tweet.
But when he announced in April that he had a Tesla (TSLA) When he sold shares, he tweeted. “There are no TSLA sales planned after today.”
When someone else asked on Twitter on Tuesday whether he would buy back Tesla shares if the Twitter deal didn't go through, he said: he replied yes.
Tesla's stock has fallen nearly 20% so far this year, buthas recovered 14% since he announced earnings in late July. increase.
"This is the last thing Tesla investors wanted to see," said Daniel Ives, a technology analyst at Wedbush Securities. "The biggest concern is that Musk will sell more shares, and that's what happened. It's a short-term gut punch. There's no explanation, which adds to the uncertainty."
Musk has previously sold Tesla shares primarily when needed to raise cash to pay taxes associated with exercising expiring options. The April stock sale, shortly after the Twitter deal closed, was Musk's first sale of Tesla shares for reasons other than an impending tax bill.
Musk said the average price of the stocks he recently sold was $869 per share. That's down from his average Tesla stock price of $883 in April, and well below the $1,046 average he sold 15.7 million shares at the end of last year. The sale was to cover the record personal income tax bill he faced as a result of exercising options that were set to expire.
Despite the latest stock sale, Musk owns 155 million Tesla shares, and he bought nearly 100 million shares at a fraction of the current price. have the option to His shares, along with his options to purchase other shares, will control approximately 20% of Tesla's outstanding shares. And his 7.9 million shares he just sold represent less than 3% of his shares and options he holds.