Tesla CEO Elon Musk, known for his love of Dogecoin (DOGE) in the cryptocurrency space, announced that he sold some of his Tesla shares last week. Here are the details…
Dogecoin fan Musk sells Tesla stock
Tesla CEO Elon Musk said that if Twitter forces him to close the buyout deal, he sells his shares of the automaker to avoid an immediate sale. Musk confirmed that the sale is over in response to a question on Twitter. “In the event that Twitter forces this deal to close *and* some equity partners fail to reach an agreement (hopefully that doesn’t happen), it’s important to avoid an immediate sale of Tesla shares,” the entrepreneur said.
Yes.
In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.
— Elon Musk (@elonmusk) August 10, 2022
As we reported on cryptokoin.com, in July, Twitter filed a lawsuit against Musk to force Musk into a $44 billion purchase that the Tesla CEO backed out on allegations of insufficient information and materially misrepresentations. Tesla on Monday reported that Musk has sold 7.92 million Tesla shares, valued at approximately $6.85 billion, compared to Friday’s closing price of $864.51, documents at the U.S. Securities and Exchange Commission (SEC).
Various statements were also discussed at Tesla’s shareholders meeting.
Apart from the above sale transaction, Musk came up with Tesla’s statements at the shareholders meeting. The billionaire spoke about the challenges facing the world’s largest economy. The US Federal Reserve (FED) raised interest rates to deal with the highest inflation in 40 years. This has affected many industries, including the crypto space. Added to this are the uncertainties caused by the conflict between Russia and Ukraine and the growing tensions with China. This has led many economists to believe that the United States will enter a period of great economic recession.
Musk himself also gave a warning about what was to come. He stated that a period of strong crisis could lead to many bankruptcies and could be extended until the end of 2023. But the world’s richest man seems confident that the script won’t be as bad as many projects. Although Musk states that “making macroeconomic forecasts is a recipe for disaster,” he predicts the impending crisis will be “relatively mild.” One reason for this, according to the Tesla CEO, is that most companies will have low debt. “The debt that companies have right now is relatively low, so I’d say probably a mild to moderate recession, maybe 18 months or so,” he said.
On inflation, the Tesla CEO said he and his team “have a good view of where the prices of certain products have gone over time.” This is because the automotive company needs to deal with various products and inputs from different parts of the world in order to continue its activities.
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