Elon Musk sold about $6.9 billion worth of Tesla stock, which he says was done if he needed to execute his deal to buy Twitter.
Musk, CEO of Tesla, completed the transactions between Aug. 5 and 9, SEC financial filings show. The first sale came a day after the electric car company’s annual shareholder meeting in Austin, Texas, CNBC reported.
In total, the world’s richest man sold 7.92 million Tesla shares, the report said.
“In the (hopefully unlikely) event that Twitter forces this deal *and* some equity partners don’t go through, it’s important to avoid a fire sale of Tesla stock,” he said.
But just four months earlier, he said the same thing.
After selling $8.5 billion in Tesla stock to buy Twitter, he tweeted in April, he had no plans to sell anymore, according to Axios.
“No further TSLA sales are planned after today,” he replied in a tweet on April 28.
Musk and Twitter have been in a legal battle since he pulled out of an agreed deal to buy the social media giant.
Musk reversed course in July, accusing Twitter of failing or refusing to provide information about fake or spam accounts, also known as bots, on the platform.
Twitter sued him days later to force him to complete the deal, and Musk then countered.
Earlier this month, Musk challenged Twitter CEO Parag Agrawal to a “public debate over Twitter bot percentage.”
According to Bloomberg, Musk has sold about $32 billion worth of Tesla stock over the past decade.
Musk too tweeted on Tuesday he would buy back Tesla stock if he didn’t have to buy Twitter.
Tesla stock closed at $850 a share on Tuesday.
https://nypost.com/2022/08/10/elon-musk-sells-6-9-billions-worth-of-tesla-stock/ Elon Musk is selling $6.9 billion in Tesla stock