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Elon Musk Quietly Dumps A Massive $6.9 Billion In Tesla Shares

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PATRICK T. FALLON/AFP via Getty Images

Remember way back in April 2013 when Elon Musk vowed at the Tesla annual shareholders meeting that “just as my money was the first in, it will be the last out.” No? Good, because fast forwarding to Tuesday night, we learned that Musk just took 6.9 billion steps to be among the first to get the hell out of Dodge.

According to four Form 4 filings filed late on Tuesday night, Elon Musk sold a total of 7.92 billion (or $6.9 billion) of shares in Tesla, the first time he has sold stock in the carmaker since April, when he was allegedly selling TSLA shares to help him “fund” the Twitter acquisition… for which he dropped his bid shortly after, almost as if the TWTR deal was just a pretext.

According to the new filings, Musk dumped the shares on Aug. 5, the day when TSLA stocks tumbled some 8%.

The sale took place shortly after Musk’s latest taunt to shorts, who it appears were right – judging by Musk’s own sale – but were squeezed nonetheless.

With the latest sale, Musk has now sold around $32 billion worth of TSLA stock in the past 10 months.  

Tesla’s stock slumped late last year as Musk offloaded more than $16 billion worth of shares, his first sales in more than five years. The disposals started in November after Musk polled Twitter users on whether he should trim his stake.

The shares have risen about 35% from its recent lows in May. Some have noted how every time Musk dumps a boatload of stock, an unexplained gamma squeeze kicks in just before the sale, affording Musk a far higher sale price.

It is surely also a coincidence, that just as Musk was about to dump his shares, a massive burst of retail buying emerged in recent weeks, which it is safe to say, spilled over into meme stonks and forced the latest WallStreetBets short squeeze. As a reminder, last Wednesday we wrote that “Explosion In Retail Buying Revealed As Source Of Latest Tesla Stock Surge.” Perhaps some regulator will finally look into this.

Of course, there is a less sinister explanation: Musk and Twitter have reached a settlement agreement, and Musk was quietly prefunding the balance of his purchase commitments, which means that Twitter employees are about to have a very unpleasant night. Then again, if not one can add this latest Tesla mega-dump to the long list of bizarre events Musk will have to explain in court in a few months…

This post was originally published at Zero Hedge

Economy

Videos: Biden Celebrates ‘Inflation Reduction Act’ As Stock Market Tanks Due To Rising Inflation

It doesn’t get more Orwellian than this

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Steve Watson

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CNN and other news networks broadcast a split screen of Joe Biden ‘celebrating’ the passage of his ‘Inflation Reduction’ Act while the Dow Jones simultaneously tanked to its lowest point for two years on the news that inflation is still at record highs.

Watch:

The Dow Jones fell by over 1,200 points and the S&P 500 fell more than 4% on Tuesday following the August CPI report, which highlighted how inflation rose by 0.1% despite gas prices reducing slightly.

The inflation rate in August was 8.3% according to the report.

The report also found that wages are down 2.8% and energy prices surged 15.8%, the biggest rise in four decades.

Grocery prices are up 13.5% from last year and are at their highest for 43 years.

Some Americans can’t even afford to buy food and are turning to ‘buy now pay later’ desperation:

Yet the White House describes this as “welcome moderation”:

The Press Secretary also claims that the inflation report shows “progress in bringing inflation down.”

Did someone give her the wrong report?

No, she’s just flat out lying again:

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    Economy

    German Foreign Minister Says Support For Ukraine Will Continue “No Matter What Voters Think”

    War will be prolonged at the expense of her own citizens.

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    Sean Gallup via Getty Images

    Despite soaring energy prices that threaten the stability of the country, Foreign Minister Annalena Baerbock said she would continue to support Ukraine “no matter what German voters think.”

    Baerbock made the remarkable comments during an event in Prague yesterday organized by the NGO Forum 2000.

    “If I give the promise to people in Ukraine – ‘We stand with you, as long as you need us’ – then I want to deliver. No matter what my German voters think, but I want to deliver to the people of Ukraine,” she said.

    The German official said that such an approach would not change even if large numbers of people were out in the streets protesting against crippling energy bills.

    “We are facing now wintertime, when we will be challenged as democratic politicians. People will go in the street and say ‘We cannot pay our energy prices’. And I will say ‘Yes I know, so we help you with social measures.’ But I don’t want to say ‘Ok then we stop the sanctions against Russia.’ We will stand with Ukraine, and this means the sanctions will stay also in wintertime, even if it gets really tough for politicians,” said Baerbock.

    The comment is a fairly stunning admission that world leaders are intent on prolonging the war for as long as possible, no matter how much it harms the countries they are supposed to represent.

    Germans face one of the worst cost of living crises in Europe, with governments arranging ‘warm up spaces’ in major cities where people who can’t pay their bills will go to avoid freezing to death, with blackouts expected.

    Citizens have already exhausted supplies of electric heaters, firewood and stoves in many areas as they prepare for energy rationing this winter, while inflation in Germany just hit its highest level in almost 50 years.

    Those planning to protest against the situation have also been demonized as domestic extremists by the authorities.

    As we reported last month, the interior minister of the German state of North Rhine-Westphalia (NRW), Herbert Reul (CDU), outrageously suggested Germans who may be planning to protest against energy blackouts were “enemies of the state” who want to overthrow the government.

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    Economy

    Three Quarters of British Pubs Face Closure Due to ‘Current Thing Crisis’

    Unaffordable energy bills could wipe out majority of industry.

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    Three quarters of British pubs face being shut down due to the ‘current thing crisis’.

    Please share this video! https://youtu.be/caI_cqOOn6s

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