Musk sold over R114 billion in Tesla shares

Hanno Labuschagne

Staff member
Sep 2, 2019
Musk sold over R114 billion in Tesla shares

Elon Musk offloaded $6.9 billion (R114.6 billion) of stock in Tesla Inc., the billionaire’s biggest sale on record, saying he wanted to avoid a last-minute selloff of the electric-car maker’s shares in the event he is forced to go ahead with his aborted deal to buy Twitter Inc.

Tesla’s chief executive officer sold about 7.92 million shares on Aug. 5, according to a series of regulatory filings that landed after US markets closed Tuesday.

*Tesla has given investors something to look forward to this coming week:* A three-for-one stock split. As of the close of trading on Aug. 24, Tesla shareholders will get a “dividend” of two extra shares. The next day, Tesla stock will start trading at the new price—a third of what it used to be.