According to the Securities and Exchange Commission, Elon Musk, the world’s richest man, has sold 7.92 million Tesla shares worth $6.88 billion (SEC). He sold the company’s stock between August 5 and August 9.
Musk sold Tesla stock two months after saying he would not sell any more of the company’s equity.
“No further TSLA sales planned after today,” Elon Musk had said in a tweet on April 29.
This year, Tesla’s stock price has decreased by nearly 30%. The stock was trading at around $850 on Tuesday.
Musk is currently bogged down in a court battle with the microblogging platform Twitter. Following Musk’s withdrawal from the $44 billion transaction, Twitter just filed a lawsuit.
In April, Musk agreed to purchase Twitter for $54.20 per share in a deal estimated to be worth $44 billion. However, Musk put the acquisition on hold in May to allow his team to look into Twitter’s claim that fewer than 5% of accounts on the platform are bots or spam.
Musk openly accused the microblogging website of violating the merger agreement in June, threatening to walk away and cancel the social media company’s acquisition for failing to provide the data he had asked for on spam and fraudulent accounts.
According to CNN, Musk claimed in a letter to Twitter’s head of legal, policy, and trust, Vijaya Gadde, that Twitter is “actively resisting and thwarting his information rights” as stipulated in the agreement.