Elon Musk sells $6.9 billion in Tesla stock as the possibility of a forced Twitter deal grows

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Last Updated on August 11, 2022 by Bitfinsider

Elon Musk, CEO of Tesla Inc, sold $6.9 billion in shares in the electric vehicle maker, saying the funds could be used to fund a potential Twitter deal if he loses a legal battle with the social media platform.

“It is critical to avoid an emergency sale of Tesla stock in the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners do not come through,” he said in a tweet late Tuesday.

In early trading, shares of the microblogging site rose 3.5% to $44.35 per share, remaining significantly lower than Musk’s offer price of $54.20 per share. Tesla stock was up nearly 4% to $882.

Musk reneged on his April 25 agreement to buy Twitter for $44 billion in early July. Twitter has sued Musk in an attempt to compel him to complete the transaction, dismissing his claim that he was misled about the number of spam accounts on the social media platform as buyer’s remorse following a drop in technology stocks. On October 17, the two parties will go to trial.

Following the announcement of the share sale on Tuesday, Musk responded on Twitter with “yes” when asked if he was done selling Tesla stock, adding that he would buy it again if the Twitter deal did not close.

“The removal of the ‘firesale’ risk, the fact Musk has already raised cash in case a Twitter decision goes against him, and Musk’s comment that he’ll buy back stock if the Twitter deal is dropped all add up to a positive bias for Tesla,” said Mark Taylor, a sales trader at Mirabaud Securities.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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