Welcome to the Utopia Forums! Register a new account
The current time is Wed Oct 05 22:21:45 2022

Utopia Talk / Politics / Elon Musk: Everything he says is bull
Wed Aug 10 05:27:29
Elon Musk Sells $6.9 Billion in Tesla Stock Despite Saying He Wouldn't Sell More

It's a funny coincidence the stock just happened to have recovered from a downturn when Musk sold.

Tesla CEO Elon Musk quietly sold $6.9 billion worth of Tesla stock, according to a new SEC filing, despite saying as recently as April that he had no plans to sell any more. The stock sale comes as the billionaire continues to fight with Twitter in court over his attempt to back out of purchasing the social media company for $44 billion.

Musk, who signed an agreement to purchase Twitter back in April before trying to kill the deal, claimed he sold the stock in the “unlikely” event he’s forced to buy Twitter. And he made the claim on Twitter, appropriately enough.

“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,” Musk tweeted on Tuesday night.

Musk sold roughly 7.92 million shares of Tesla from Aug. 5 until Aug. 9 for a grand total of $6.9 billion, according to the SEC filings, which means Musk likely has about 155 million shares left, according to a report from Reuters.

Musk sold about 9.6 million shares for roughly $8.5 billion back in April, and said he wasn’t going to sell anymore. Previously, Musk sold $5 billion shares of Tesla in November of 2021, when the stock was near an all-time high of $1,243 per share.

It sure is a funny coincidence that Musk happened to sell just as Tesla’s stock was recovering from a brutal downturn, hitting a low of $620 per share back in late May and bouncing to $925 per share just before Musk sold his most recent batch.

But it’s no wonder Musk might be trying to get his ducks in a row before a judgement comes down on his potential purchase of Twitter. The company absolutely obliterated Musk’s excuses for trying to back out of the deal in a recent 127-page court filing in Delaware made public last week.

Musk has tried to argue he doesn’t want to buy the company anymore because there are too many bots, but he never raised that issue with Twitter before he tried to kill the deal. To make things even more interesting, Musk waived due diligence before he agreed to the enormous price tag—a process that would’ve allowed him to conduct a lot of research on the inner workings of the company before he signed on the dotted line.

People on Twitter were quick to point out a 9-year-old tweet from Musk after news of his latest sale hit the wire.

“Forgot to say one thing at Tesla annual shareholders meeting: just as my money was the first in, it will be the last out,” Musk tweeted in June of 2013.

With hindsight, it’s a good joke, though Tesla share holders probably don’t think it’s so funny. They are, after all, the punchline in all of this.

Will Musk try to sell more shares of Tesla in the near future? The Tesla CEO says on Twitter that this is the last of it. Not only, that Musk claims he’ll buy more Tesla stock if the deal with Twitter doesn’t happen. But we know precisely how much we can trust Musk’s word.


Wed Aug 10 05:36:53
Yes this is business. Plans change. Unless you have an agreement in writing, any stated strategies should be considered temporary only.
Wed Aug 10 09:39:07
Yeah, but Elon is rich so right-wingers automatically worship him.
Wed Aug 10 12:04:39
Soros is rich, Bloomberg is rich...

Of course he sold, it was back up to over $900, going into a recession.

Plus he is probably trying tonraise $ for his twitter deal.
Wed Aug 10 17:23:14

The welfare queen was after another billion dollar taxpayer subsidy.


FCC denies SpaceX bid for nearly $1 billion in rural broadband subsidies for Starlink

> The Federal Communications Commission on Wednesday denied SpaceX’s bid for nearly $1 billion in subsidies to support rural broadband customers through the company’s Starlink satellite internet network.

> In a press release, the FCC said two companies, Starlink and LTD Broadband, “failed to demonstrate that the providers could deliver the promised service” needed to receive the subsidies.

Read the rest here if you want to ...


Wed Aug 10 17:25:40
Looks like he'll still get the subsidy, just has to revise the pitch.

So you might as well queue up your thread bitching about it in the drafts, when the FCC gives him another billion dollars. Might save some time ;)
Wed Aug 10 20:03:09
I want reduced cost rural internet.

Gimme gimme as I suck on the sweet tweet of federal coffers.


Anyway, the stock price is pretty high (or was I havnt checked) and it's unlikely to stay that high for a while, which is probably why he sold IMHO.

P.S. Murder always be bitching that african Americans are welfare queens.
Wed Aug 10 22:21:18

"I want reduced cost rural internet."

Naturally. Why should people have to pay market rates for their decision to live out in the middle of nowhere?

What irritates me most about this is he's putting up thousands (tens of thousands?) of satellites anyway. He needs the customers. They can work out the price they are willing to pay on their own.

Wed Aug 10 23:50:06
I'm mostly for kids getting access. But it's rural areas so 90% of the traffic will be for black-men-white-women cuck porn and the other 10% will be for bad pro-Trump facebook memes and gifs.
show deleted posts

Your Name:
Your Password:
Your Message:
Bookmark and Share