Elon Musk, the CEO of Tesla, reportedly sold 7.92 million shares of the business for around $6.88 billion, per a series of financial documents released Tuesday evening. The SEC filings disclosed that his transactions took place between August 5 and August 9, which was after 2022 annual shareholders meeting in Austin, Texas, on August 4.
The CEO of Tesla and SpaceX stated on social media earlier this year that he had “no additional TSLA sales planned” following April 28. The next week, it emerged via SEC filings that Musk had been selling a block of shares in his electric vehicle manufacturer valued at around $8.4 billion.
Even though food prices increased, Wednesday’s inflation figures showed that China’s economy was still experiencing weak demand. According to economists surveyed by Reuters, the headline consumer price index increased by 2.7% in July, falling short of forecasts for a 2.9% gain. According to Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, “Non-food prices actually decreased in July [by 0.1%] from their June level, which suggests poor demand.” The lack of additional policy support and the Covid outbreaks in several locations, he claimed, “may have contributed to poorer growth in July.”
Twitter has filed a lawsuit to guarantee that the Musk transaction closes at the agreed-upon price, which would be a bonanza for many of its shareholders. Following the disclosure of Musk’s most recent stock transactions on Tuesday, Tesla supporters and promoters questioned the celebrity CEO about whether he was done selling shares in the electric car industry and whether he may ever purchase them back. Musk answered “Yes” when asked if he had finished selling Tesla stock. Avoiding a Tesla stock emergency sale is crucial in the event that Twitter compels this deal to conclude and certain equity partners fail to materialise.