Elon Musk sold nearly $7 Billion worth of Tesla shares in the midst of the legal battle with Twitter
Image courtesy:WIRED
On Wednesday, World’s Wealthiest man, Elon Musk sold off nearly $7 billion worth of Tesla shares according to legal filings, in the midst of the legal battle with Twitter over a $44 billion buyout deal.
Between August 5 and 9, Musk sells some 7.9 million shares according to filings published on the Securities and Exchange Commission’s website on Tuesday.
On Tuesday, Musk on Twitter writes, “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.”
Twitter is locked in a legal battle with Musk over his effort to walk away from the April agreement to buy the company, and a judge has ordered that a trial will begin in October.
Musk filed a countersuit, accusing Twitter of fraud and alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout, Tuko reports.
According to Bloomberg, Tesla had risen 3.4 percent to $879 before the start of regular trading Wednesday, while Twitter jumped 4.3 percent to $44.69.
Since November, The world’s richest man has now sold about $32 billion worth of Tesla shares.
