This is a serious money move from the richest man in America, Elon Musk.
The Tesla CEO and mogul just sold 7.92 million Tesla shares valued at $6.88 billion.
From CNBC:
Tesla CEO Elon Musk sold 7.92 million shares of the company worth around $6.88 billion, according to a series of financial filings published Tuesday night.
His transactions occurred between Aug. 5 and 9, the SEC filings revealed, following Tesla's 2022 annual shareholders meeting on Aug. 4 in Austin, Texas.
So, why is Elon selling his Tesla stock?
Apparently, it's just in case he needs some quick cash if he's forced to purchase Twitter.
Musk replied to the reports of his sales of Tesla stock on Twitter:
Musk further clarified that this was simply an insurance policy in case he was put into a bad position by Twitter. He also states that he plans to buy Tesla stock again if the Twitter sale doesn't go through.
The same thread also shows that Elon is considering moving into the social media world to compete against Twitter.
Although, it's Elon the chess player, so it's hard to know what's really going on.
Either way, Elon is gearing up just in case his fight against Twitter ends up with him losing and having to take control of the social media giant.
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