The world's richest billionaire and Tesla's CEO, Elon Musk once again broke the promise made when he acted to sell some of his shares after previously stating that he would not do so.
According to Tesla's filing, Musk sold 7.92 million shares worth $6.9 billion from his electric vehicle (EV) company.
It is understood that the action was taken by Musk to avoid a last-minute sale of Tesla shares when there was a possibility that he would have to continue with the controversial Twitter acquisition deal based on his comments on Twitter.
The last time Musk sold Tesla shares was 4 months ago to raise $8.5 billion in his bid to acquire Twitter Inc, but the deal fell through and led to a court hearing next month.
In bulk, Musk is understood to have sold nearly $32 billion of Tesla stock over the past 10 months with the most prolific disposal related to the acquisition of Twitter.
While Tesla shares have risen nearly 35% from their May lows, they are still down about 20% this year.
Additionally, Musk's fortune has declined by around $20 billion this year to $250.2 billion as Tesla shares remain in decline.
In the meantime, Charu Chanana from Saxo Capital Markets Pte Ltd described Musk's action as timely because it was done before the publication of the United States (US) consumer price index (CPI) data.
Clearly, regardless of the results of the data, the equity futures market is expected to continue to struggle with the expected increase in interest rates by the Federal Reserve (Fed).
