Billionaire businessman Elon Musk has sold Tesla shares for nearly $7 billion, according to a legal document released on Tuesday, amid a legal battle with Twitter over a settlement deal. purchase for US$ 44 billion.
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.
Tesla’s CEO sold nearly $8.5 billion worth of shares in the electric car maker in April as he prepared to finance the purchase of Twitter.
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
