Aug. 10 – Tesla CEO Elon Musk sold a total of 7.92 million shares of the company’s stock on Aug. 5, Aug. 8 and Aug. 9, worth nearly $6.89 billion, according to two Form 4 documents filed on Aug. 9 and published on the SEC’s website. The deal reduced Musk’s direct ownership of Tesla to about 150 million shares, according to Bloomberg.
In the early morning of August 5, Beijing time, Tesla held its annual shareholders’ meeting at its Texas super factory in the United States and voted on 13 proposals. The fourth proposal, a 3-to-1 stock split, was approved by shareholders, meaning Tesla will have its second stock split in two years. Tesla’s share price did not rise significantly after the bell, but it has risen more than 20% since the announcement of its second-quarter results on July 21.
Earlier, Musk had sold Tesla shares several times in order to spend $44 billion to acquire Twitter. But now that Musk is no longer interested in Twitter, it is not clear why he will continue to sell Tesla shares. However, some investors still believe that Musk may further reduce his holdings of Tesla shares, and Mike Lucas, CEO of TrueMark Investments, has previously said that Musk may sell Tesla shares regardless of how the Twitter deal ends up.
