Elon Musk, the CEO of Tesla, sold shares worth $6.9 billion, stating that it was crucial to avoid an emergency sale of Tesla stock in the midst of a court dispute with Twitter about a $44 billion acquisition proposal.
Musk, the richest man in the world, sold $8.5 billion worth of shares in Tesla back in April and then declared that “no further TSLA sales were planned.” But legal professionals have said that Musk would need to sell more Tesla shares if he loses his case against Twitter and is required to complete the acquisition or pay a heavy fine.
Musk tore up his April 25 agreement to buy the social media platform and the two sides face a drawn-out legal battle that could still cost Musk billions of dollars. The two sides head to trial on Oct. 17.
In the latest stock sale, Musk sold about 7.92 million shares between Aug.5 and Aug.9, according to multiple filings. He now owns 155.04 million shares in Tesla. The latest sales bring total stock sales by Musk to about $32 billion in less than one year.
Leave a Reply