Elon Musk sold 7.92 million Tesla shares for $6.88 billion in order to “avoid an emergency sale”, should he be forced to buy Twitter. This surprise sale of stock follows after he already sold $8.5 billion worth of shares earlier in the year and indicated that he was done selling.
BHP has publicly submitted a proposal to acquire OZL Minerals after their board indicated that OZL is not willing to entertain BHP’s compelling offer.
Here is the biggest news of the day
- Elon Musk sold 7.92 million Tesla shares for $6.88 billion. The transactions occurred between 5 and 9 August. Earlier this year, Musk said on social media that he had “no further TSLA sales planned” after he had sold $8.5 billion worth of shares in April. Musk still owns 155 million Tesla shares, around 15% of the company. Following the news of his latest stock sales, Musk again indicated that he is done selling shares and that he might buy back some shares in future.
- President Joe Biden has signed the CHIPS Act. The bill will provide $52.7 billion in subsidies for US semiconductor production and research in order to reduce reliance on foreign semiconductors.
- BHP submits unwanted proposal to acquire OZL Minerals for AUD$25.00 per share, a premium of over 32% on the current share price. “Our proposal represents compelling value and certainty for OZ Minerals shareholders in the face of a deteriorating external environment. We are disappointed that the Board of OZL has indicated that it is not willing to entertain our compelling offer,” said BHP CEO Mike Henry.
- Nedbank reports an increase in earnings and dividends. The company published its half-year results with earnings per share up 31% from last year to R14.12 and revenue up 11% to R30.5 billion. Nedbank was able to declare a dividend per share of R7.83, an increase of 81% from last year.
- Majority stake in Buffalo Coal was acquired by Belvedere Resources. The transaction was announced on 15 June and all administrative matters have been completed. The shares were acquired from Resource Capital Fund V.