Elon Musk sells Tesla shares for $7 billion to pay off Twitter

Billionaire businessman Elon Musk has sold Tesla shares for nearly $7 billion, according to a legal filing released on Tuesday, amid a legal battle with Twitter over a $44 billion purchase deal.

The founder of automaker Tesla sold 7.9 million shares between August 5 and 9, according to the document posted on the Securities and Exchange Commission website.

“In the (hopefully unlikely) event that Twitter forces this deal to close, and some equity partners do not participate, it is important to avoid an emergency sale of Tesla shares,” Musk, the world’s richest man, wrote in the Twitter on Tuesday.

Twitter is in a legal battle with temperamental Musk over his attempt to walk away from a deal announced in April to buy the social network. A judge ordered the start of a trial in October.

Musk has filed a counter-suit, in which he accuses Twitter of fraud and alleges that the platform misled him about crucial aspects of the company before agreeing to the $44 billion purchase.

In April, the Tesla CEO had already sold nearly $8.5 billion worth of shares in the electric car maker as he prepared to finance the purchase of Twitter.

Currently, its stake in Tesla is 15%, according to information from Dow Jones.

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© Agence France-Presse

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