Musk gives explanation for why he sold Tesla stock

(MENAFN) In order to raise money in the midst of a legal dispute with Twitter over a botched $44 billion takeover deal, Elon Musk sold $6.9 billion worth of Tesla shares.

After the US markets closed on Tuesday, a number of regulatory filings revealed that he sold 7.92 million shares on August 5. Musk explained in a series of tweets that the sale was necessary in the event that he is forced to finish the $44 billion takeover of Twitter that he abandoned in July, amid growing rumors about the reason for the sale.

“It is important to avoid an emergency sale of Tesla stock,” he asserted.

When asked if he would buy the shares once more if the Twitter takeover did not occur, the billionaire replied, “Yes.”

The richest man in the world is currently involved in a legal dispute with the social media site after declaring last month that he would cancel a deal to buy it. Twitter has been charged by Musk with hiding information about phony accounts.

Twitter anticipates that Musk will be required by the court to complete the acquisition at the agreed-upon share price of $54.20. However, the specifics of the Tesla CEO’s lawsuit against Twitter have not been made public.

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