Tesla Inc. (NAS:TSLA) CEO Elon Musk tweeted Wednesday that a Tesla 500 mile range Semi truck will start shipping this year, to be followed by the Cybertruck next year. Tesla shares were up 1.9% premarket, as investors also digested the news that Musk sold almost $7 billion in Tesla stock in recent days, according to filings Tuesday with the Securities and Exchange Commission, and indicated he wants cash on hand as his legal fight with Twitter Inc. heats up. According to the filings, the Tesla chief executive sold around 7.9 million shares between Friday and Tuesday, at prices ranging from $838.57 to $911.75 - roughly $6.88 billion in total. Last week, Tesla shareholders approved plans for a 3-for-1 stock split, which will take place Aug. 24. Trading will begin on a stock split-adjusted basis on Aug. 25, the company said in a regulatory filing. The stock is down about 20% in the year to date, while the S&P 500 (S&P:SPX) has fallen 13.5%.
Aug. 10, 2022, 8:48 a.m. EDT