Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

2 years ago

Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

Elon Musk has sold astir 8 cardinal Tesla shares worthy astir $7 billion. “It is important to debar an exigency merchantability of Tesla stock” if Twitter forces him to adjacent the $44 cardinal woody to bargain the societal media platform, the Tesla CEO stressed.

Elon Musk Sells Nearly 8 Million TSLA Shares

Tesla and Spacex CEO Elon Musk has sold 7,924,107 shares of Tesla (Nasdaq: TSLA), according to a filing with the U.S. Securities and Exchange Commission (SEC) Tuesday night. The transactions took spot connected Aug. 5, 8, and 9. At the clip of writing, the income amounted to $6.86 billion.

Musk confirmed connected Twitter that helium is done selling Tesla banal successful reply to a Tesla investor’s tweet. The billionaire added: “In the (hopefully unlikely) lawsuit that Twitter forces this woody to adjacent *and* immoderate equity partners don’t travel through, it is important to debar an exigency merchantability of Tesla stock.”

Musk besides said that if the Twitter woody does not close, helium volition bargain Tesla banal again.

In May, the billionaire revealed that helium had secured backing from 18 companies to acquisition Twitter, including Sequoia Capital Fund, Binance, AH Capital Management (aka Andreessen Horowitz, a16z), and Fidelity.

Musk does not merchantability Tesla shares often. Prior to the latest transactions, helium sold 9.6 cardinal Tesla shares successful April, worthy astir $8.5 cardinal astatine a time. After the sale, the Tesla and Spacex brag tweeted connected April 28 that helium had “No further TSLA income planned.”

Musk made an connection to bargain Twitter Inc. for astir $44 billion successful April. However, the billionaire officially terminated the woody successful aboriginal July, claiming that “Twitter is successful worldly breach of aggregate provisions of that agreement.”

Twitter sued Musk to unit him to spell done with the deal. The Tesla CEO filed a countersuit against Twitter, accusing the societal media elephantine of fraud. At the bosom of the quality is Twitter’s assertion that lone little than 5% of its regular users are fake oregon spam accounts. Musk disagreed and has challenged Twitter CEO Parag Agrawal to a nationalist statement implicit the platform’s bot and spam users.

Replying to a tweet asking him if helium had considered creating his ain societal level if the Twitter woody does not travel through, Musk wrote: “X.com.”