The billionaire cashed in practically $ 7 billion value of shares in case he’s pressured to purchase Twitter
Elon Musk has bought $ 6.9 billion value of shares in Tesla to boost money amid a authorized showdown with Twitter over a failed $ 44 billion takeover deal.
He disposed of some 7.92 million shares on August 5, in accordance with a sequence of regulatory filings after the US markets closed on Tuesday. Amid mounting hypothesis over the rationale for the sale, Musk posted a sequence of tweets explaining that the transfer was essential in case he’s compelled to finish the $ 44 billion takeover of Twitter, which he walked away from in July.
“It is very important keep away from an emergency sale of Tesla inventory,” he stated.
The billionaire additionally responded “Sure” when requested whether or not he would buy the shares once more if the Twitter takeover doesn’t happen.
The world’s richest man is at present embroiled in a authorized battle with the social media platform after saying final month he would pull out of a deal to purchase it. Musk has accused Twitter of withholding details about faux accounts.
READ MORE: Elon Musk says he’ll purchase Twitter on one situation
Twitter expects the courtroom to order Musk to finish the takeover on the agreed worth of $ 54.20 per share. The Tesla boss has countersued Twitter, though the small print of his lawsuit haven’t been revealed.
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