Elon Musk sells nearly $7 billion worth of Tesla (TLSA) shares in case of forced Twitter deal

elon musk
Credit: NY Post

Elon Musk has sold nearly $7 billion worth of Tesla (TSLA) shares. The massive sale was disclosed to the Securities and Exchange Commission (SEC), which published the filings on Tuesday evening.

In a series of sales between August 5 and August 9, 2022, Musk sold a total of 7,924,107 TSLA shares worth about $6.9 billion.

The sale comes after Musk said in April he was done selling TSLA shares, all of which was done to help fund his $44 billion buyout of Twitter.

However, Musk provided an explanation for his change of mind after the filings were published by the SEC.

According to the CEO, the sale is intended help fund his purchase of Twitter if the social media company forces the pending deal to close, and in case some of his private equity partners in the deal fail to follow through and provide their previously committed funds.

Musk is currently embroiled in a legal battle with Twitter over the $44 billion buyout.

Twitter has sued Musk to complete the deal, while Musk has countersued claiming Twitter has not been forthcoming in how they calculate the number of fake or spam accounts on the platform and has accused them of misleading investors.

The trial will be heard on October 17, 2022 in Delaware Chancery Court. Ahead of the trial, Musk has challenged Twitter CEO Parag Agrawal to a public debate on the number of fake or spam accounts on the social media platform. Agrawal has yet to accept the challenge.

You can see all six SEC filings here: 123456.

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