Elon Musk sells practically $7 billion in Tesla shares amid Twitter authorized battle

Elon Musk bought $6.9 billion price of Tesla shares, tweeting it was essential to keep away from an emergency sale of firm inventory amid a authorized showdown with Twitter over a $44 billion takeover deal.

Tesla CEO Elon Musk. (File Photo: Reuters)

HIGHLIGHTSElon Musk bought $6.9 billion price of shares within the electrical car maker amid a authorized showdown with TwitterAuthorized specialists say Musk may need to promote extra Tesla shares if he loses his battle in opposition to the social media bigMusk now owns 155.04 million shares within the firm

Tesla Chief Executive Officer Elon Musk bought $6.9 billion price of shares within the electrical car maker, tweeting it was essential to keep away from an emergency sale of Tesla inventory amid a authorized showdown with Twitter over a $44 billion takeover deal.

Musk, the world’s richest individual, had mentioned in April that there have been “no further TSLA sales planned” – after he bought $8.5 billion price of shares within the firm again then.

But authorized specialists have advised that if Musk loses his battle in opposition to Twitter and is compelled to finish the acquisition or pay a stiff penalty, he might conceivably need to promote extra Tesla shares.

Musk tore up his April 25 settlement to purchase the social media platform and the 2 sides face a drawn-out authorized battle that might nonetheless price Musk billions of {dollars}. The two sides head to trial on Oct. 17.

In the most recent inventory sale, Musk bought about 7.92 million shares between Aug.5 and Aug.9, in line with a number of filings. He now owns 155.04 million shares in Tesla.

The newest gross sales convey complete inventory gross sales by Musk to about $32 billion in lower than one yr.

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