Musk backs off, sells $6.88bn in Tesla shares, citing chance of forced Twitter deal

Tesla and SpaceX CEO Elon Musk sold 7.92 million Tesla shares worth about $6.88 billion, just months after saying he had no plans to sell any more Tesla shares, according to a series of documents published on Tuesday night (9).

The sales took place between Aug. 5 and Aug. 9, SEC filings revealed, following Tesla’s 2022 Annual Shareholders’ Meeting on Aug. 4 in Austin, Texas.

On his social media he had said that “there would be no more TSLA sales planned” after April 28th.

Musk is in the midst of a legal battle with Twitter, the social media giant he agreed to acquire in April for about $44 billion, or $54.20 a share.

On July 8, Musk told Twitter that he was terminating the deal. He accused Twitter of not providing all the information necessary for the acquisition and of underestimating the number of bots, spam and fake accounts on its platform.

Twitter sued Musk to force him to complete the transaction, dismissing his claim that he was misled about the number of spam accounts on the social network as buyer remorse after a slump in tech stocks. The trial is scheduled for October 17.

According to the businessman, the funds raised could be used to finance a possible deal with Twitter in case he loses the legal battle for the social network. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners fail to materialize, it is important to avoid an emergency sale of Tesla shares,” he said in a tweet.

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