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Elon Musk sells $6.9bn of Tesla shares in case he is forced to buy Twitter by lawsuit

Aug 10, 2022

The world’s richest man, Elon Musk has sold another 7.92 million shares in  electric car maker, Tesla worth around $6.88bn (£5.7bn).

The sales took place after the firm’s annual shareholder meeting last week, regulatory filings show.

 

The multi-billionaire is currently embroiled in a legal battle with Twitter after saying last month he would pull out of a deal to buy it.

Musk says he needs the money from the Tesla shares in case he is forced to buy Twitter for $44bn.

 

Elon Musk sells $6.9bn of Tesla shares in case he is forced to buy Twitter by lawsuit

 

According to six filings with the US Securities and Exchange Commission, the latest transactions were carried out on 5, 8 and 9 August.

 

After news of the share sale was made public Musk responded to a tweet asking whether he had finished selling Tesla shares with “yes”, adding that he needed the money in case he was forced to buy Twitter and was unable to secure some of the funding for the deal.

“It is important to avoid an emergency sale of Tesla stock,” he said.

 

Asked by another user whether he would buy Tesla shares again if the Twitter takeover does not take place Mr Musk also responded “yes”.

 

Elon Musk sells $6.9bn of Tesla shares in case he is forced to buy Twitter by lawsuit

 

In July, Musk said he planned to walk away from his bid to buy Twitter, accusing the company of withholding information about fake accounts. Twitter executives are now suing Musk for attempting to walk away from the deal.
 

 

 

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