Elon Musk has sold about $6.9 billion worth of Tesla stock in a move he says was made in case he has to execute on his deal to buy Twitter.
Tesla CEO Musk made the transactions between Aug. 5 and Aug. 9, according to SEC financial filings. The first sale came a day after the electric car company’s annual shareholder meeting in Austin, Texas, CNBC reported.
In total, the world’s richest man sold 7.92 million Tesla shares, according to the report.
“In the (hopefully unlikely) event that Twitter forces this deal *and* certain financial partners don’t materialize, it’s important to avoid a fire sale of Tesla stock,” he said. he declares.
But just four months earlier, he had said the same thing.
After selling $8.5 billion worth of Tesla stock in its takeover bid for Twitter, he tweeted in April, it had no plans to sell more, according to Axios.
“No further TSLA sales are expected after today,” he replied in a tweet on April 28.
Musk and Twitter have been in a legal battle since he pulled out of a deal to buy the social media giant.
Musk backtracked in July and accused Twitter of failing or refusing to provide information about fake or spam accounts, also known as bots, on the platform.
Twitter sued him a few days later to force him into the deal, and then Musk fought back.
Earlier this month, Musk challenged Twitter CEO Parag Agrawal to participate in a “public debate on the percentage of Twitter bots.”
Musk has now sold about $32 billion worth of Tesla stock over the past ten months, Bloomberg reported.
musk too tweeted tuesday he would buy Tesla shares if he didn’t have to buy Twitter.
Tesla stock closed at $850 per share on Tuesday.
New York Post