Elon Musk sells billions in Tesla stock to prepare for Twitter

It has recently been revealed in Tesla regulatory filings that Tesla CEO Elon Musk has sold 7.92 million Tesla shares that is worth multiple billions.

The 7.92 shares that have now been sold are worth around $6.88 billion, with the weighted average share price being $869.09 and the sales occurring on August 5, August 8, and August 9. Musk was asked if he was “done selling” on Twitter, and he replied that he was finished selling and needed the money in case Twitter forced the deal between Musk and the second largest social media platform to “close.” Musk prefaced the preparation tactic by writing that it’s “hopefully unlikely” that Twitter will force the deal to close.

Notably, the possibility of Twitter forcing a closure of the deal isn’t the only reason Musk sold his Tesla stock, as there is always the possibility of “some equity partners” not being able to “come through” with their promised amount of funding. Furthermore, Musk explains that it’s better for him to sell his stock now “to avoid an emergency sale of Tesla stock“. A Twitter user asked Musk if the Twitter deal doesn’t close, will he be repurchasing Tesla stock – Musk answered by writing “yes“.

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak’s love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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