Elon Musk has sold 7.92 million Tesla shares worth 6.9 billion dollars in the past few days. However, the sales have nothing to do with Tesla itself – Musk is preparing to potentially have to buy Twitter.
The funds could be used to finance a possible Twitter takeover if he loses the legal battle with the social media platform, he explained. “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 wrote on Twitter.
According to calculations by Reuters news agency, Musk still owns just under 15 per cent of Tesla after the events. The Tesla boss has thus sold Tesla stock with a total value of around 32 billion dollars in less than a year. Having already sold Tesla stock worth 8.5 billion dollars in April, Musk announced that no further sales were planned. But at that time, the Twitter takeover was also planned – and not a legal dispute.
When asked directly by Twitter user ‘@SawyerMerritt’, who is closely connected to Tesla information, whether he would increase his Tesla shares again if the $44 billion Twitter takeover was not completed after all, Musk answered succinctly with another yes.
Following a dispute over the number of fake accounts, Musk had terminated the agreement with Twitter for a full takeover at the beginning of July. Subsequently, the company sued Musk to force him to implement the deal. The trial is scheduled to begin in the US state of Delaware on 17 October 2022.
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