Tesla Inc (TSLA.O) CEO Elon Musk has sold a $6.9 billion stake in the electric vehicle maker and said the funds could be used to fund a potential Twitter deal if it loses the ongoing legal battle with social media platform Twitter.
“It’s important to avoid an immediate sale of Tesla shares in the event that Twitter forces this deal to close *and* some equity partners fail to support (hopefully unlikely) ,” he tweeted late Tuesday . said.
Musk withdrew from the deal he reached on April 25 to buy Twitter for $ 44 billion in early July . Twitter filed a lawsuit to force Musk to close the deal, dismissing claims that he had been misled about the number of spam accounts on the social media platform as the buyer’s remorse following the drop in shares. The two sides will be tried on October 17 .
In other comments on Twitter on Tuesday, Musk said “yes” when asked if he was selling Tesla shares, and also said he would buy back Tesla stock if the Twitter deal didn’t close .
Elon Musk Loses Most of Tesla Shares
Musk, the world’s richest person, sold $8.5 billion worth of Tesla shares in April and said no further sales were planned at the time, but since then, legal experts have said Musk tried to complete the purchase of Twitter or settle the dispute with a harsh penalty. He had suggested that he would sell more Tesla shares if he had trouble.
Musk sold approximately 7.92 million shares between August 5 and August 9, according to multiple filings. He currently owns slightly less than 15% of Tesla’s 155.04 million shares, according to Reuters calculations. The most recent sales have brought Musk’s total sales of Tesla stock to nearly $32 billion in less than a year .
Musk also said he could launch his own social media platform on Tuesday. When a Twitter user asked if he would consider launching his own platform if the deal didn’t close, he answered “X.com” .