With a rebound in the share price of Tesla and a lot of legal jeopardies, Musk showed us how confident he is in the outcomes of the 4D chess game his fans claim he is playing. Selling high is brilliant, and this shows us the horse trader thinks now is a good time to get out of TSLA.
The TSLA Board of Directors shows incredible restraint.
With Tesla stock on a rebound, Musk has just sold $6.9 billion worth of shares in his electric car company, a move disclosed in regulatory filings on Tuesday. Musk got an average of $869 for the shares, which is significantly more than the $628 that TSLA shares were trading at in late May. TSLA had hit its 2022 peak of $1,145 on April 4, the day after Musk revealed his purchase of 9.2 percent of Twitter's outstanding shares.
In late April, after announcing his plans to buy Twitter, Musk unloaded $8.5 billion in Tesla stock, saying at the time that there were "no further TSLA sales planned after today."
Although he has some financing lined up, the share of the sale price that Musk is personally responsible for could be north of $33 billion. As Twitter noted in its lawsuit, "The other terms Musk offered and agreed to were, as he touted, 'seller friendly.' There is no financing contingency and no diligence condition," the complaint said. "The deal is backed by airtight debt and equity commitments. Musk has personally committed $33.5 billion."