In 2013, Musk Tweeted: “Forgot to say one thing at Tesla annual shareholders meeting: just as my money was the first in, it will be the last out.” This seems to contradict the billionaire’s habit of pulling money from his mountain of Tesla stock at will.
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
This week’s sale isn’t the first time Musk has dumped a large amount of Tesla stock, nor is it anywhere near the biggest amount he’s offloaded at once. Earlier this year, the then-world’s richest man cashed in over $15 billion worth of Tesla stock over two separate selling sprees. The stock was sold as a “contingency” while Musk’s then-proposed takeover of Twitter was part of an ongoing legal battle.
Musk had pulled out of the deal, but at the time, Twitter’s board had decided to pursue the matter through the courts in an attempt to force the takeover through. Musk claims the money was necessary in case one of the other entities that were chipping in on the $44 billion takeover failed to follow through. At the time, Musk said that the sales were “important to avoid an emergency sale of Tesla stock.” Musk has yet to confirm why the latest Tesla stock sale took place. It is also worth noting that Musk has not cashed out completely. Even after the recent sales, he still owns 400 million shares in the company.