Elon Musk Sheds $7 Billion In Tesla Shares As Twitter Pushes Back

Elon Musk has been in the limelight recently due to the Twitter deal. There has been a number of back and forth between both parties as the terms of the deal become murky. Amid all of this, billionaire Elon Musk has made some significant moves regarding his Tesla stock. A new filing shows that the CEO had made multiple sales over the course of seven days that saw him offload about 6.9 million Tesla shares.

Elon Musk Sells For $7 Billion

Elon Musk is the majority shareholder in Tesla, an automotive company known for its electric vehicles. The filing, which was made public by the Wall Street Journal, shows that Musk had sold a total of 6.9 million shares between Friday and Tuesday. This means it hay in the last week, the billionaire cashed out about $7 billion from selling shares.

This also follows the pattern of Musk selling off Tesla shares in the past year. One of the most notable sales was back in April when he had sold $8.5 billion worth of Tesla shares. This was during the time when the Twitter deal was still in full swing, causing the billionaire to liquidate shares to make funds for the purchase.

However, the deal fell through after Musk accused the platform of having more bots than reported. The two parties are currently locked in a court case, where Twitter is trying to get the courts to force Musk to go through with the deal. But Musk, on the other hand, says he wants complete data on the number of bots currently present on the platform. So he counter-sued the social media platform.

TSLA stock price falls to $870 | Source: TSLA/USD on TradingView.com

The court has scheduled the trial for the case to begin in October. With Musk’s most recent sales, the billionaire has now sold about $32 billion of Tesla stocks in less than one year. His current stake in Tesla now stands at 15% as the majority shareholder and 9% ownership of Twitter.

Does This Affect Crypto?

Musk’s sale of his Tesla share does not seem to spill into his crypto holdings. However, crypto sales are much harder to scratch due to their anonymity. The billionaire has, at various times, said that he does not plan on selling his crypto, particularly Dogecoin, which he is rather fond of.

This ideology does not seem to spill over to Tesla, though. Last month, news broke that the electric car manufacturer had dumped 75% of its bitcoin holdings. This came out to almost $1 billion of Bitcoin sold at this time, leaving it with a $170 million impairment charge on its bitcoin.

The crypto market also continues to hold steady during this time. Bitcoin has recovered above $24,000 once more, and the total crypto market cap is sitting comfortably atop the $1.1 trillion level.

Featured image from The Software Report, chart from TradingView.com

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