Skip to main content
Best News Website or Mobile Service
 
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
 
Digital Media Awards Worldwide
Hamburger Menu

Advertisement

Advertisement

Business

Musk sells nearly US$7 billion in Tesla shares amid Twitter legal battle

Musk sells nearly US$7 billion in Tesla shares amid Twitter legal battle

FILE PHOTO: Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song

Tesla Inc Chief Executive Officer Elon Musk sold US$6.9 billion worth of shares in the electric vehicle maker, tweeting it was important to avoid an emergency sale of Tesla stock amid a legal showdown with Twitter Inc over a $44 billion takeover deal.

Musk, the world's richest person, had said in April that there were "no further TSLA sales planned" - after he sold $8.5 billion worth of shares in the company back then.

But legal experts have suggested that if Musk loses his battle against Twitter and is forced to complete the acquisition or pay a stiff penalty, he could conceivably have to sell more Tesla shares.

Musk tore up his Apr 25 agreement to buy the social media platform and the two sides face a drawn-out legal battle that could still cost Musk billions of dollars. The two sides head to trial on Oct 17.

In the latest stock sale, Musk sold about 7.92 million shares between Aug 5 and Aug 9, according to multiple filings. He now owns 155.04 million shares in Tesla.

The latest sales bring total stock sales by Musk to about $32 billion in less than one year.

Source: Reuters/st

Advertisement

Also worth reading

Advertisement