Elon Musk has sprung yet another surprise by selling nearly $7 billion worth of Tesla shares. The move comes just months after the billionaire had said that he planned no further Tesla stock sales.
Musk sold around 7.9 million shares between Friday andTuesday, regulatory filings show. With the latest sale Musk has sold $32 billion worth of stock in Tesla in the last one year. Musk said in April "no further TSLA sales planned," after he sold $8.5 billion worth of Tesla shares.
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Technoking of Tesla is currently locked in a legal battle with Twitter over a 'botched' $44 billion buyout. The rationale for the latest sale of shares is still undisclosed.
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Tesla shares have risen about 35% from recent lows reached in May, though are still down about 20% this year.