"Just as my money was the first in, it will be the last out," Elon Musk famously vowed during Tesla's annual shareholders meeting in April 2013. No? Thankfully, on Tuesday night, we learned that Musk had taken 6.9 billion steps to get out of Dodge before everyone else.
Forgot to say one thing at Tesla annual shareholders meeting: just as my money was the first in, it will be the last out.
— Elon Musk (@elonmusk) June 5, 2013
According to four Form 4 filings, Elon Musk sold a total of 7.92 billion (or $6.9 billion) in Tesla stock on Tuesday night. This is the first time Musk has sold shares of the automaker since purportedly selling TSLA stock in April to "fund" the purchase of Twitter, which he later abandoned his offer for.
According to recent documents, Musk sold the stock on August 5, the same day that TSLA shares dropped by roughly 8%.
Musk's sale occurred right after his most recent dig at short sellers, who, based on Musk's own sale, looked to have been right but were still under pressure.
Including the most recent sale, Musk has now sold TSLA stock worth almost $32 billion over the past 10 months.
Musk sold about $16 billion of Tesla stock late last year, the first time he has done so in more than five years, which led to a decline in the stock. Musk started the sales after asking his Twitter followers in November if he should drop his share.
The stock price has increased by almost 35% since May, when it reached a low point. According to some observers, anytime Musk sells a significant number of shares, he is able to achieve a considerably higher price because of an unexplained gamma squeeze that takes place just before the transaction.
Recent weeks have seen a significant increase in retail buying, which is plausible to suggest has spilled over into meme stonks and drove the most recent WallStreetBets short squeeze. This timing is not accidental. Remember that we stated on Wednesday that "Explosion in Retail Buying Revealed as Source of Latest Tesla Stock Surge." Hopefully, a federal agency will look into this.
There is, of course, a less sinister explanation: Elon Musk and Twitter have resolved their issues, and Musk has been covertly prefunding the rest of his purchase obligations, so it appears that Twitter employees are in for a terrible night. If that doesn't happen, Musk will have to defend this most recent Tesla mega-dump and a long list of other bizarre events in court in a few months.
The preceding is a summary of an article that originally appeared on SUMMIT NEWS.