Elon Musk Sells $6.9B in Tesla Stock for the '(Hopefully Unlikely) Event That Twitter Forces' Buyout Deal
Posted On August 10, 2022
Al Drago/Bloomberg via Getty Elon Musk
Four months after he said he had no plans to sell more Tesla stock, Elon Musk has sold more Tesla stock.
A series of filings with the Securities and Exchange Commission revealed Musk sold 7.92 million shares in his electric car company between Friday and Tuesday, per CNBC. The shares were reportedly worth about $6.9 billion.
The news comes after Musk said he had “no further” plans to sell stock in the company on April 28 after selling $8.2 billion worth of shares.
When asked on social media whether he was done selling Tesla stock, Musk replied in the affirmative on Tuesday: “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,” Musk tweeted.
In another tweet, Musk said he would buy Tesla stock again if the acquisition falls through.
David Paul Morris/Bloomberg via Getty Images
According to CNN, Musk previously sold shares in Tesla when he needed to raise money to pay taxes on the exercise of options that were going to expire.
As of Wednesday, Musk’s net worth is $250 billion, making him the wealthiest person in the world, per Bloomberg’s Billionaire Index. Amazon founder Jeff Bezos is the second wealthiest person, with a net worth of $162 billion.
In recent months, Musk has been in conflict with Twitter over their April agreement to allow the SpaceX founder to buy the social network for $44 billion.
Musk moved to terminate the deal after he claimed the platform had more bot accounts than it disclosed. Twitter is now suing him in a Delaware court to complete the purchase and has defended itself against Musk’s accusations.
On Aug. 6, Musk said he would continue the acquisition if “Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms.”
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In a recent court filing, Twitter described Musk’s reasoning for withdrawing from their deal as a “story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.”
According to the Washington Post, the trial between Musk and Twitter will begin on Oct. 17 in the Delaware Court of Chancery and last five days.