TESLA SHARES WORTH $6.9 BILLION SOLD BY MUSK AHEAD OF TWITTER TRIAL

Thu 11 August 2022:

Elon Musk, the billionaire CEO who abandoned a plan to buy Twitter, sold about $6.9 billion in Tesla stock in a matter of days.

According to six financial papers made public by the US Securities and Exchange Commission (SEC) late Tuesday, the world’s richest man sold 7.92 million shares of Tesla for $6.88 billion between August 5 and 9.

Musk implied that if he loses the lawsuit against Twitter, the money could be used to keep the acquisition agreement in place.

“Yes. 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,” he wrote on Twitter early Wednesday when asked if he was done selling Tesla shares.

The business magnate sold $8.5 billion of Tesla shares in three days in late July, following Twitter’s approval of his purchase offer, according to SEC filings. He also said, via Twitter, that he was not planning any additional sales.

Musk’s latest move comes before his trial begins Oct. 17 against Twitter. He proposed buying the social media company in April for $44 billion, or $54.20 per share, but then walked away.

Twitter’s stock crashed to as low as $32.52 on July 12 after Musk declared on July 8 that he was terminating the deal, a 40% drop from the offer price per share, according to official numbers. The same day, Twitter filed a lawsuit against Musk to compel him to make the purchase.

While Musk alleges that Twitter has not informed him of the number of bots, spam, and phony accounts that are present on the platform, the company rejects the claims and asserts that the percentage is much lower than 5% of all daily active users.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

___________________________________________________________________________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent