Elon Musk sold nearly $7 billion worth of Tesla stock, according to legal documents released Tuesday, amid a high-stakes legal battle with Twitter over a $44 billion buyout deal. The Tesla boss sold some 7.9 million shares between August 5 and 9, according to documents posted on the Securities and Exchange Commission website.
In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t, it’s important to avoid a crash sale of Tesla stock,” Musk, the world’s richest man, wrote. , on Twitter Tuesday night.
Twitter is locked in a legal battle with Tesla’s mercurial boss over his attempt to walk away from the April deal to buy the company, and a judge has ordered the trial to begin in October.
Musk has filed a countersuit, accusing Twitter of fraud and claiming the social media platform misled him about key aspects of his business before agreeing to a $44 billion purchase.
The move comes after Musk sold about $8.5 billion worth of shares in the electric carmaker in April as he prepared to finance the Twitter deal. He tweeted at the time: “No further TSLA sales planned after today.
