Elon Musk sells 7.92 million Tesla shares worth $6.88 billion

NEW YORK, NEW YORK – MAY 2: Elon Musk attends the 2022 Met Gala to celebrate “In America: An Anthology of Fashion” at the Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Dimitrios Kambouris/Getty Images for The Met Museum/Vogue)

Dimitrios Kambouris | Getty Images Entertainment | Getty Images

Tesla CEO Elon Musk sold 7.92 million shares of Tesla worth about $6.88 billion, according to a series of financial filings published Tuesday night.

His transactions occurred between August 5 and 9, the SEC filings revealed, following Tesla̵[ads1]7;s 2022 annual shareholder meeting on August 4 in Austin, Texas.

Earlier this year, the Tesla and SpaceX CEO said on social media that he had “no further TSLA sales planned” after April 28.

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

The centi-billionaire is in the middle of a contentious legal battle with Twitter, the social networking giant he agreed to buy in April for about $44 billion, or $54.20 a share.

Read more about electric vehicles from CNBC Pro

Amid a general market decline, Twitter’s share price and the price of Tesla shares fell. Musk said he ended the deal and accused Twitter of failing to provide him with all the information he needed to move forward with the acquisition.

He also accused Twitter of underestimating the number of bots, spam and fake accounts on the platform.

By July 8, Musk told Twitter he was ending the deal.

Twitter has sued to ensure that the Musk deal goes through for the promised price, which will represent a windfall for many of its shareholders.

Tesla shares traded almost flat after hours on the news. Shares of Tesla closed at $850, down just over 2% for the day on Tuesday, before the CEO’s insider selling was disclosed through SEC filings.

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