Elon Musk, the CEO of Tesla, has sold another 7.92 million shares in the electric vehicle manufacturer, valued at approximately $6.88 billion. According to regulatory documents, the sales occurred during the firm’s annual shareholder meeting last week.
Musk claims he requires the funds in case he is forced to buy Twitter for $44 billion.
The multibillionaire is now locked in a court dispute with the social media site after withdrawing from a plan to buy it last month. According to six filings with the US Securities and Exchange Commission, the most recent transactions occurred on August 5, 8, and 9.
Musk reacted to a tweet asking if he had finished selling Tesla shares with “yes,” adding that he needed the money in the event he was forced to buy Twitter and was unable to secure some of the funds for the deal.
“It is important to avoid an emergency sale of Tesla stock,” he said.
When asked if he would buy Tesla shares again if the Twitter takeover did not happen, Mr Musk also said “absolutely.”
Musk announced his intention to withdraw his offer to buy Twitter in July, causing the firm to sue him. The world’s wealthiest individual has accused the firm of withholding information regarding fraudulent accounts.
A US judge determined last month that Twitter’s lawsuit against Mr Musk should go to trial in October. Twitter expects the court to order Musk to finalise the takeover at the agreed-upon price of $54.20 per share.
Musk has filed a counter-suit against Twitter, but the specifics of that action have not been made public.
Twitter also revealed in July that it spent $33 million on the prospective purchase between April and June. It also announced an increase in monthly daily users to 237 million, but a net loss of $270 million, which was worse than planned.
Meanwhile, Tesla reported last month that it had sold 75% of its Bitcoin, which was valued at over $2 billion by the end of 2021. Last year, the corporation made headlines when it revealed a significant investment in the world’s largest cryptocurrency.
Tesla stated that it purchased traditional currencies with the $936 million revenues from its Bitcoin transactions.
(Adapted from BBC.com)