The multi-billionaire is – currently – embroiled in a legal dispute with the social media platform after he said last month that he would back out of a deal to buy it
The share sales took place after the company’s annual shareholder meeting last week, according to regulatory filings, according to the BBC.
THE Elon Musk he says he needs the money in case he is forced to buy Twitter for $44 billion.
The multi-billionaire is – currently – embroiled in a legal dispute with the social media platform after he said last month he would back out of a deal to buy it. The last trades took place on August 5, 8 and 9, according to six filings with the US Securities and Exchange Commission.
After news of the stock sale broke Elon Musk confirmed the news in a tweet, adding that he needed the money in case he was forced to buy Twitter and couldn’t secure some of the financing for the deal.
Asked by another user if he would buy Tesla stock again if the Twitter acquisition doesn’t go through, Musk also said yes.
@elonmusk are you done selling?
— Sawyer Merritt 📈🚀 (@SawyerMerritt) August 10, 2022
In July, the Tesla executive said he intended to back out of his bid to buy Twitter, prompting the company to sue him. The world’s richest man accused the company of withholding information about fake accounts.
Last month, a US judge ruled that Twitter’s lawsuit against Mr Musk should go to trial in October.
Twitter hopes the court will order Mr Musk to complete the takeover at the agreed price of $54.20 per share.
Elon Musk has filed a countersuit against Twitter, although the details of that lawsuit have not been made public. Also in July, Twitter said it had spent $33 million between April and June on the proposed deal. It also said its monthly daily user count had grown to 237 million users, but reported a worse-than-expected net loss of $270 million.
Meanwhile, Tesla revealed last month that it had offloaded 75% of its Bitcoin, which was worth about $2 billion at the end of 2021.
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