Elon Musk sells $6.9 billion in Tesla shares as battle with Twitter continues | Business newsletter
Elon Musk has sold $6.9 billion (£5.7 billion) of shares in electric car maker Tesla as his battle against Twitter continues.
Mr Musk sold about 7.92 million shares between August 5 and August 9, according to multiple filings, meaning he now owns 155.04 million shares in the company.
In April, the richest person in the world announced plans to buy Twitter for $44 billionbut you tear up the deal in July, deposit stock in technology company much lower than he had agreed to pay them.
At that time, TwitterThe company’s chairman said the company was “committed to closing the transaction at the agreed price and terms”, and said it would take legal action.
The the two sides confront the trial on October 17.
Musk sold $8.5 billion of Tesla stock in Aprilthen said he had no plans to sell any more.
But legal experts have suggested that if he loses his battle with Twitter and is forced to go through a buyout or pay a hefty penalty, he may have to sell even more Tesla stock.
The tycoon claims Twitter did not give him enough information regarding number of fake accounts – spambot – on its website.
And he said they violated their obligations by firing top managers and laying off a significant number of workers.
Twitter argued that Mr. Musk was trying to back out because he had agreed to pay 38% of Twitter’s share price just before the stock market fell.
And shares of electric carmaker Tesla, which holds most of his personal fortune, have lost more than $100 billion in value.
