Elon Musk Just SOLD Billions in Tesla Shares – Find Out Why
(ConservativeHub.com) – Elon Musk recently sold off 7.93 million shares of Telsa stock, netting him around $7 billion. He tied the move to his current legal battle with Twitter, saying he made the sale in case he would need the money for a court-ordered buyout of the social media platform. The SpaceX CEO noted it would prevent a future quick sale of the stocks to amass the funds needed to close the deal should the judge rule against him in the lawsuit.
This saga began on April 25 when Twitter accepted Musk’s bid to buy the platform for $44 billion. The billionaire backed out of the deal in July, citing the company’s refusal to divulge the number of spam accounts it was hosting. This decision prompted the social media giant to sue him in an attempt to force the sale.
— Reuters (@Reuters) August 10, 2022
Musk said his recent transaction was necessary, but he promised he has no plans to sell any more shares, adding he’ll repurchase the stock if he prevails in court. Legal experts suggest the tech mogul could end the dispute with the social media giant by settling, which could lead to him selling more stocks. Still, he doesn’t seem to be leaning that way, hoping the judge will find in his favor and allow him to walk away from the deal.
The case between the SpaceX CEO and Twitter heads to trial on October 17.
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