Musk liquidates another slice of his Tesla stocks
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk laughs after arriving on the red carpet for the Axel Springer award, in Berlin, Germany, December 1, 2020. REUTERS / Hannibal Hanschke / Pool
According to statements filed late Tuesday evening, Elon Musk sold a total of 7.92 billion (or $ 6.9 billion) of Tesla stock. This is the first sale since April, when he allegedly sold TSLA shares to help him “finance” the acquisition of Twitter, which did not happen.
According to the new documents, Musk sold the shares on the market on August 5, and since that day the shares have lost nearly eight percent.
Musk's market forecasting ability was excellent, or was it his sale that caused the share price to drop? A good question, but it seems that whoever sells TSLA securities short has been right this time.
With the latest sale, Musk has sold approximately $ 32 billion of TSLA stock in the past 10 months.
Tesla's stock plummeted late last year when Musk dumped more than $ 16 billion worth of stock, his first sales in more than five years. The divestments began in November after Musk asked Twitter users if he should cut his stake.
Shares are up around 35% from their recent lows in May. Some have noted how every time Musk unloads a boat of stock, an inexplicable squeeze range activates just before the sale, allowing Musk a much higher selling price.
Curiously, there has been a wave of Tesla retail purchases, driven by the usual Reddit whales and hidden under the image of the "squeezing" of those who had "Shortato" the title. A movement that started from social media, as always. Maybe some regulators will finally take care of the matter.
This Musk operation can have several reasons. on the one hand, a settlement agreement may have been reached with Twitter for the passage of the shares of the social media, in which case these sales would prepare the financial resources. Maybe it wanted to maximize its liquid resources in view of a crisis that will lead to a fall in the value of the securities. However, all this confirms how easily the Tesla stock is maneuverable.
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The Musk article liquidates another slice of its Tesla stocks comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/musk-liquida-unaltra-fetta-dei-suoi-titoli-tesla/ on Wed, 10 Aug 2022 08:45:15 +0000.