Elon Musk’s Stock Shuffle: Selling Tesla Shares to Fuel the Twitter Gamble
What’s going on? Elon Musk, the head honcho of Tesla, just dumped a whopping $6.9 billion worth of shares. Why? He’s keeping his options open for a possible Twitter takeover, should he lose their legal war.
Tweet‑tastic Announcement
On August 9, Musk fired off a late‑night tweet saying:
“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it’s crucial to avoid an emergency sale of Tesla stock.”
He’s basically making sure he doesn’t have to sell Tesla shares in a panic if Twitter decides to force the deal to finish.
Why the Twitter Drama?
Back in early July, Musk ripped up the $44 billion deal he’d been trying to seal with Twitter. Now Twitter’s suing him for backing out. The court’s set to decide this October, just in time for Musk’s next move.
“Street will read through this poker move that chances of the Twitter deal more likely now,” quipped Dan Ives from Wedbush Securities on Twitter.
More Stock Sales
- Between Aug 5 and Aug 9, Musk sold ~7.92 million shares.
- He still owns about 155 million Tesla shares—roughly 15 % of the company.
- These sales bring his total Tesla stock dump to a staggering $32 billion in less than a year.
Market Reaction & Future Moves
Tesla shares have leapt nearly 15 % since their latest earnings beat expectation on July 20. The boost also came from a potential Biden climate bill raising tax‑credit caps for EVs.
And the plot thickens: Musk hinted he might launch a new social platform, announcing he’d opted for the name X.com if the Twitter deal falls through.
Bottom Line
Musk is juggling high‑stakes deals with as much gusto as a casino dealer in a high‑roll game. He’s sold a boatload of Tesla shares, perhaps to keep the liquidity board ready for a Twitter pick‑up, while keeping his eye on starting a new social media venture. Only time—and the courts—will tell which move will win the boardroom showdown.
