Friday, 07 Oct 2022

Elon Musk sells Tesla shares worth $6.9bn as Twitter trial looms

Elon Musk sells Tesla shares worth $6.9bn as Twitter trial looms


Elon Musk sells Tesla shares worth $6.9bn as Twitter trial looms

Elon Musk has sold $6.9bn (£5.7bn) worth of shares in Tesla after admitting that he could need the funds if he loses a legal battle with Twitter and is forced to buy the social media platform.

The Tesla chief executive walked away from a $44bn deal to buy Twitter in July but the company has launched a lawsuit demanding that he complete the deal. A trial will take place in Delaware in October.

The move came as observers of the Twitter row speculated whether Musk will seek a settlement. Legal experts have said that Musk will struggle to win his case, having signed an agreement to buy the business, leaving him with the option of offering Twitter a substantial settlement to head off the threat of being ordered to spend $44bn on a company he no longer wants to buy.

Musk sold about 7.92m Tesla shares between 5 August and 9 August, according to multiple filings. He now owns 155m Tesla shares, or just under 15% of the electric carmaker.

Reuters contributed to this report

you may also like

Los Cabos Achieves Strong Tourism Numbers
  • by travelpulse
  • descember 09, 2016
Los Cabos Achieves Strong Tourism Numbers

Destinations such as Los Cabos depend more than 90 percent of their economy on tourism, making it challenging for its inhabitants, business people, and government authorities to work together.

read more