Elon Musk sells nearly $7 billion worth of Tesla stock with Twitter lawsuit looming

With so much of the world’s richest man’s wealth tied to shares in his electric car company, Tesla is part of the deal Elon doesn’t want to do anymore for more reasons than a few subpoenas . Six SEC filings (1, 2, 3, 4, 5, 6) revealed that Elon Musk sold more Tesla shares in the past few days, which is surprising given Musk’s tweet saying, “No further TSLA sales are expected after today,” after selling for $8.4 billion in April.

Tesla investor Sawyer Merritt tweeted a tally of Musk’s activity between Aug. 5 and Aug. 9, showing he sold 7,924,107 shares worth about $6.9 billion. Just before 11 p.m. ET, Elon replied on Twitterciting the impending lawsuit against Twitter as an explanation for the new plan.

Musk sold those shares earlier this year to help fund the Twitter acquisition, and now that he’s trying to get out of the deal, they’ll be fighting in a Delaware courtroom starting Oct. 17. Twitter CEO Parag Agrawal isn’t taking the bait on Elon’s challenge for public debate, and there’s no word of a settlement pending. Musk now says he has a reason to prepare for “the (hopefully unlikely) event where Twitter forces this deal *and* some financial partners don’t show up.” If that happens, Musk said, he’s trying to avoid an emergency sale of Tesla stock.

It’s unclear how investors will react to news that Musk has finished selling (again); however, the price of Tesla shares held steady at around $850 in after-hours trading. Dan Ives, analyst at Wedbush tweet“Musk selling TSLA stock after saying there would be no more sales would lead the street to focus on the chances of a Twitter deal happening and Musk preparing a cash portion… This sale of stocks will spark a lot of conversations on Street for bulls/bears in the morning.”


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