Wednesday, September 27

Musk sells 7.92 million Tesla shares worth $6.9 billion – SEC filings

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Tesla Inc Chief Executive Officer Elon Musk has sold 7.92 million shares in the electric vehicle maker worth $6.9 billion, securities filings showed on Tuesday.

Musk said in April “no further TSLA sales planned,” after he sold $8.5 billion worth of Tesla shares – sales likely aimed at helping finance his planned purchase of Twitter Inc.

Tesla did not immediately respond to a Reuters request for comment.

Musk offloaded the shares between Aug. 5 and Aug. 9, according to the filings. After the latest stock sale, he now owns 155.04 million shares in Tesla.

Tesla shares have risen nearly 15% since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration’s climate bill that aims to lift the cap on tax credits for electric vehicles.

(Reporting by Hyunjoo Jin in San Francisco, Shivam Patel and Akriti Sharma in Bengaluru; Editing by Himani Sarkar and Edwina Gibbs)