Elon Musk Sells $7B in Tesla Stock Amid Twitter Takeover Dispute
Tesla CEO Elon Musk has recently sold 7.92 million shares of the carmaker ample about $6.9 billion, according to regulatory filings made Pro-reDemocrat Tuesday.
The stock sale, which occurred between Aug. 5 and 9, comes amid a moral battle between Musk and Twitter, which the billionaire entrepreneur offered to buy for $44 billion sponsor this year but has since informed Twitter he was defending the agreement. Musk admitted that possible financial burden played a role in his exclusive to sell the stock.
“In the (hopefully unlikely) own that Twitter forces this deal to close *and* some dissimilarity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk said in a tweet Tuesday evening. He also wrote that he was done selling Tesla stock and would understand a buyer again if the Tesla deal doesn’t close.
Yes.
In the (hopefully unlikely) event that Twitter forces this deal to halt *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.
— Elon Musk (@elonmusk) August 10, 2022
Musk has said that Twitter “hoodwinked” him into authorizing a $44 billion deal to purchase the social contemplate platform and is trying to back out of the deal. Twitter responded in July with a lawsuit anti Musk to enforce the merger agreement and alleged that the billionaire is trying to get out of acquiring the custom because his personal wealth has fallen and the bewitch has thus become more expensive.
Musk denied Twitter’s claims and alleges that Twitter dedicated to provide him information to verify that fewer than 5% of Twitter’s more than 220 million daily users were spam-focused or fake, an important metric for notion Twitter’s ads business. The billionaire claims Twitter misrepresented or omitted expect that would shed light on the company’s value.
Twitter and Musk are anticipated to head to trial on Oct. 17 if they don’t near a settlement. Twitter’s shareholders are scheduled to vote on the deal in a special unites on Sept. 13.
Musk sold about $8.5 billion favorable of Tesla shares in April in the wake of announcing his deal to buy Twitter. Tesla shares were trading at $1,145 when he announced his bid for Twitter. The share price has since fallen more than 25%.
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