(ThePatriotWire)- In April 2013, Elon Musk stated at Tesla’s annual shareholder’s meeting that just as his money was the first in, it would be the last out.
Well, that doesn’t seem to be the case. On Tuesday night, we heard that Musk just took 6.9 billion steps to get out of Dodge.
According to four Form 4 filings, Elon Musk sold a total of 7.92 billion (or $6.9 billion) Tesla shares, the first time he had sold stock in the carmaker since April when he was allegedly selling TSLA shares to “fund” the Twitter acquisition. He dropped his bid shortly after, almost as if the Twitter deal was just a pretext.
According to recent documents, Musk unloaded the shares on Aug. 5, when TSLA stocks fell 8%.
The sell came immediately after Musk’s latest insult to people who shorted the stock, who were right but were squeezed regardless.
Musk has sold $32 billion worth of TSLA stock in 10 months with the latest transaction.
Musk sold $16 billion in Tesla shares late last year, his first transaction in more than five years. The sales began in November when Musk surveyed Twitter followers on whether he should cut his shareholding.
The shares have climbed nearly 35% since May. Every time Musk dumps a lot of shares, an inexplicable gamma squeeze kicks in immediately before the sale, enabling Musk a considerably higher sale price.
It is definitely a coincidence that just as Musk was poised to unload his shares, a significant surge of retail buying developed in recent weeks, spilling over into meme stonks (an intentional misspelling of the word “stocks”) and prompted the current WallStreetBets short squeeze. Last Wednesday, “Explosion In Retail Buying Revealed As Source Of Latest Tesla Stock Surge” was published. Perhaps a regulator will finally look into this.
Musk and Twitter had struck a settlement deal, and Musk was secretly refunding the remaining of his purchase obligations, which means Twitter employees will have a very miserable night. If not, one can add this new Tesla mega-dump to the lengthy list of weird occurrences Musk will have to explain in court in a few months.