Musk sells Tesla stock as a legal battle with Twitter looms.

Elon Musk, CEO of Tesla, has sold an additional 7.92 million Tesla shares for approximately $6.88 billion (£5.7 billion).

According to regulatory documents, the sales happened during the company’s annual shareholder meeting last week.

Musk claims he needs the cash in case he is required to pay $44 billion for Twitter.

After declaring last month that he would back out of an agreement to purchase the social media site, the multi-billionaire is currently locked in a legal spat with it.

According to six documents filed with the US Securities and Exchange Commission, the most recent transactions took place on August 5, 8, and 9.

When asked in a tweet whether he had finished selling Tesla shares after the share sale became public, Mr. Musk replied “yes,” adding that he needed the money in case he was forced to acquire Twitter and was unable to secure some of the funds for the deal.

It’s crucial to prevent an urgent Tesla stock sale, he said.

If the Twitter takeover does not occur, Mr. Musk said “absolutely” when asked by another user if he would repurchase Tesla stock.

The company sued Mr. Musk after he announced in July that he would abandon his attempt to acquire Twitter.

The corporation is being accused of hiding information regarding phony accounts by the richest man in the world.

A US judge decided last month that the trial for Twitter’s lawsuit against Mr. Musk should take place in October.

Twitter is hoping that the court will direct Mr. Musk to finalize the acquisition at the agreed-upon share price of $54.20.

Although the specifics of Mr. Musk’s countersuit against Twitter have not been made public,

Also in July, Twitter revealed that it had spent $33 million on the potential deal between April and June.

Additionally, it stated that there were now 237 million monthly active users, which was worse than expected.

In the meantime, Tesla disclosed last month that it has sold 75% of its Bitcoin holdings, which were estimated to be worth $2 billion at the end of 2021.

When the corporation revealed a sizable investment in the biggest cryptocurrency in the world last year, it caused a stir.

With the $936 million from its Bitcoin sales, Tesla claimed to have purchased conventional currency.

Related Articles

Leave a Reply

Check Also
Back to top button
%d bloggers like this:

Adblock Detected

Please consider supporting us by disabling your ad blocker